Marginal utility is the incremental increase in utility that results from the consumption of one additional unit. "Utility" is an economic term that's used to represent satisfaction or happiness.

One of the main basis of entry-level economics is that people will attempt to rationally maximize their own utility. Marginal utility is the additional happiness or satisfaction that a consumer ...

Therefore, increasing the supply of goods decreases their perceived value, an idea that later became known as diminishing marginal utility. Austrian economics can also be used to understand and ...

In other words, a country can be said to be free, in the capitalist economic sense, when, under the auspices of supply and demand and marginal utility, it exercises the right to property ...