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Basic Concepts: Utility, Price, Value, Wealth and Welfare
Economics · Chapter 3 · 1. Understanding Economics
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- Utility: meaning, types and features; total, marginal and diminishing marginal utility
- Price: definition; general rise and fall in prices
- Value: value in use and value in exchange; real versus nominal value
- Wealth: meaning and classification (personal and social wealth)
- Welfare: economic welfare, social welfare and the relation between wealth and welfare