Key takeaways
Understand that consumers are motivated by utility.
Understand what marginal utility is.
Understand that a rational consumer will only consume a good as long as it provides the consumer with utility.
Host: I have taught Economics for the last 27 years, since completing my PGCSE in Business Education at Sheffield Hallam University. I have been a heard of department for the last 20 years and have worked as an examiner for AQA.Do you think consumers still consume a good when it doesn't provide them with utility? Watch this class to find out! In this lesson students will learn how consumers gain utility from consuming goods but as they consume more the utility gain from each extra unit consumed will fall and eventually turn negative. By the end of the lesson students will understand what marginal utility is and how consumers are motivated by utility. This class is great for students in Years 12 and 13 who want an extra push to feel confident on the topic.
Related Classes: AS Economics: The Supply Curve, AS Economics: The Demand Curve, AS Economics: Bringing the Demand and Supply Curve Together, Cost, Revenue and Profit
Safeguarding reminder:The safety of your child is of the utmost importance. All of our classes are pre-recorded to remove any concerns around live participation. For reruns of our past live classes, students' webcams and microphones were disabled and only the chat history, if participation was requested, is visible.
Suitable for:
This class is suitable for students in Years 12 and 13.
Class requirements:
You will need a laptop or device with internet connection to watch the class, as well as a pen and notepad for taking notes.
What to expect:
- This class will take place online via a Zoom webinar.
- For live classes, please arrive promptly. Students' cameras and microphones are disabled by default.
- For on demand classes, students will be watching a recording of a previous live class.
- Once you have signed up, you will be taken to your dashboard where you can view details of the class, and re-watch it in the future.
- Students will be sent confirmation of the class to their email address if provided.