Economics lesson for today
Law of Diminishing Marginal Utility
A law of economics stating that as a person increases consumption of a product--while keeping consumption of other products constant--there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
i.e. Too much of a good thing isn't so good after all. For example, if you work 12 hour days and are on you feet 10 of those hours, then standing diminishes in utility. Likewise, if you are on a 23 hour flight, then sitting diminishes in utility. ...there are other examples also.
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1 comment:
I almost feel as though this post was meant for me. 8-)
I should bookmark this.
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