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Is a way of describing the value that a person places on something, like receiving a gift, eating a meal, or experiencing something fun utility.
a means of expressing the importance that someone places on something?
The worth that a person assigns to an item or service based on the advantage they receive from it is known as economic value.
Who decides the degree of utility a person will derive from consuming a good?
The only person who can estimate their own utility is that person. Generally speaking, increased consumption of a good results in higher overall utility. However, each unit of more consumption tends to result in less additional utility, following a trend of diminishing marginal utility.
What information and skills does a worker acquire as a result of their training and experience?
The information and skills a worker acquires through education and experience are referred to as human capital.
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