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The paradox of value - Coggle Diagram
The paradox of value
Determination of choice
A world of choice
The choice is based on the value of the product
utility is the doubling of human need - Jeremy Bentham
W.S. Jevons introduced the concept of ‘marginal utility’
marginal utility often decreases
Diminishing marginal utility
The Law of Economics
Product consumption
Conservation
Increase
Additional product unit
Principles of economics
Study of economics
Economic concepts
A wide range of microeconomics
Subcategory of economics
The paradox of value
The meaning of the word cost