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3 Tutorials that teach Consumer Choice Theory
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Consumer Choice Theory

Consumer Choice Theory

Author: Justin Tapp
Description:
This lesson will explain Consumer Choice Theory
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Tutorial

Notes on "Consumer Choice Theory"

Terms to Know

Completeness

A condition of rational decision-making, where consumers’ preferences are defined as for all choices of combinations of goods or services.

Transitivity

Logical method of predicting preferences by examining decisions made by consumers; if x is preferred to y and y is preferred to z, then x is preferred to z.

Non-Satiation

A consumer will always opt to have more of a good than less.