Unlimited Preferences — Defining and Measuring Utility

Overview:

This lesson introduces students to the concept of utility and marginal utility. Using the article “Behind the Scenes at Urban Outfitters” students will think about the relationship between price and utility. Students will examine their own utility as it relates to clothing and apparel, noting the difference between total utility and marginal utility.

NBEA Standard(s):
  • Economics, I. Allocation of Resources
  • Personal Finance, I. Personal Decision Making

Lesson Plan Details:

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