 FREEDOM OF CHOICE

Freedom of choice describes an individual's opportunity and autonomy to perform an action

selected from at least two available options, unconstrained by external parties.
https://en.wikipedia.org/wiki/Freedom_of_choice, September 1, 2023

 SCARCITY
It means that the demand for a good or service is greater than the availability of the
good or service.

 CONSUMER SATISFACTION
Customer Satisfaction (CSAT) is a measure of how well a company’s products and services
meet cusomer’s expectations. https://www.zendesk.com/in/blog/3-steps-achieving-
customer-satisfaction-loyalty/ September 1, 2023

 PRICE
The amount of money given or set as consideration for the sale of a specificied thing.
https://www.merriam-webster.com/dictionary/price#:~:text=%3A%20the%20amount%20of
%20money%20given,at%20which%20something%20is%20obtained September 1. 2023

 MARGINAL THEORY
Marginalism is a theory that asserts individuals make decision on the purchase of an
additional unit of a good service based on the additional utility they will receive from it.
https://www.investopedia.com/ask/answers/032515/what-marginalism-microeconomics-
and-why-it-important.asp#:~:text=Marginalism%20is%20a%20theory%20that,between
%20classical%20and%20modern%20economics. September 1, 2023

 MARGINAL PRODUCT
Marginal Product is reffered to as the additional product that is produced as a result of
adding in additional unit of input. https://byjus.com/commerce/marginal-product-
formula/#:~:text=Marginal%20product%20is%20referred%20to,is%20known%20as
%20marginal%20product. September 1, 2023

 MARGINAL COST
The Marginal Cost refers to the increase in production costs generated by the production of
additional product units. https://squareup.com/us/en/glossary/marginal-cost#:~:text=The
%20marginal%20cost%20refers%20to,and%20hence%2C%20ultimately%2C%20profits.
September 1, 2023
 PRODCUTION
Production is the process of making or manufacturing goods and products from raw
materials or components.
https://www.carboncollective.co/sustainable-investing/production#:~:text=Production
%20is%20the%20process%20of,an%20end-user%20or%20customer. September 1, 2023

 PRODUCTIVITY
Productivity is a measure of economic performance that compares the amount of goods
and services produced (output) with the amount of inputs used to produce those goods and
service. https://www.bls.gov/k12/productivity-101/content/what-is-productivity/
home.htm#:~:text=Productivity%20is%20a%20measure%20of,produce%20those%20goods
%20and%20services. September 1, 2023

 UTILITY IN ECONOMICS
Utility, in economics, refers to the usefulness or enjoyment a consumer can get from service
or good. Although the concept of utility is abstract, it is a useful way to explain how and why
consumers make their decisions. “Ordinal” utility refers to the concept of one good being
more useful or desirable than another.
https://www.investopedia.com/terms/u/utility.asp#:~:text=Utility%2C%20in%20economics
%2C%20refers%20to,useful%20or%20desirable%20than%20another. September 1, 2023