Economics · Year 1 · Week 7
The Law of Diminishing Marginal Utility in Everyday Life
- Strand
- Consumers’ Rational Decision Making
- Sub-strand
- Consumer Behaviour
- Content standard
- Employ knowledge of the concept of utility in everyday life as a rational consumer
- Learning outcome
- Use relevant information gathered from home, school and community through observation to carefully explain the concept of utility and the law of diminishing marginal utility
- Learning indicator
- Apply the Law of Diminishing Marginal Utility to everyday life
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