The upcoming discussion will update you about the difference between total utility and marginal utility. Utility, in ordinary sense, means usefulness. But, in economics, it means want-satisfying power of a commodity or service — the power to satisfy a human want. Thus, a pen has utility to a teacher but not to an illiterate farmer. As Joan Robinson comment: "Utility [...]
This article will help you to learn about the difference between change in demand and change in quantity demanded. Difference between Change in Demand and Change in Quantity Demanded When there is a change in the price of a commodity, all other things remaining the same, there is movement along the same demand curve from one position to another. If [...]
The following points highlight the ten major causes of change of demand for a commodity. The causes are: 1. Changes in Taste and Preferences Habit and Fashion 2. Changes in the Income of the People 3. Changes in the Prices of Related Goods 4. Changes in Population and Number of Potential Buyers, 5. Changes in the Pattern of Income Distribution, [...]