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 [...]
This article will help you to learn about the difference between shift in demand curve and movement along the demand curve. Difference between Shift in Demand Curve and Movement along the Demand Curve Demand is the whole list of quantities that will be bought at various possible prices. Any movement of prices will lead to a different quantity demanded, but [...]