Quiz Consumer Behavior

Front

Budget Line

Back

Graph showing combinations of goods within budget

Front

Budget Constraint

Back

Limit on spending based on income and prices

Front

Marginal Rate of Substitution

Back

Rate of trade-off between two goods

Front

Perfect Substitutes

Back

Goods interchangeable at constant rate

Front

Perfect Complements

Back

Goods consumed together in fixed ratio

Front

Indifference Curve

Back

Graph showing equal satisfaction levels

Front

Ordinal Utility

Back

Ranking preferences without measuring intensity

Front

Cardinal Utility

Back

Measuring satisfaction in numerical terms

Front

Slope of Budget Line

Back

Ratio of prices of two goods

Front

Utility Maximization

Back

Choosing goods to maximize satisfaction