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- Consumer_choice abstract "In microeconomics, the theory of consumer choice relates preferences (for the consumption of both goods and services) to consumption expenditures; ultimately, this relationship between preferences and consumption expenditures is used to relate preferences to consumer demand curves. The link between personal preferences, consumption, and the demand curve is one of the most closely studied relations in economics. Consumer choice theory is a way of analyzing how consumers may achieve equilibrium between preferences and expenditures by maximizing utility as subject to consumer budget constraints.[citation needed]Preferences are the desires by each individual for the consumption of goods and services that translate into choices based on income or wealth for purchases of goods and services to be combined with the consumer's time to define consumption activities. Consumption is separated from production, logically, because two different consumers are involved. In the first case consumption is by the primary individual; in the second case, a producer might make something that he would not consume himself. Therefore, different motivations and abilities are involved. The models that make up consumer theory are used to represent prospectively observable demand patterns for an individual buyer on the hypothesis of constrained optimization. Prominent variables used to explain the rate at which the good is purchased (demanded) are the price per unit of that good, prices of related goods, and wealth of the consumer. The fundamental theorem of demand states that the rate of consumption falls as the price of the good rises; this is called the substitution effect. Clearly, if one does not have enough money to pay the price, then they cannot buy any of that item. As prices rise, consumers will substitute away from higher priced goods and services, choosing less costly alternatives. Subsequently, as the wealth of the individual rises, demand increases, shifting the demand curve higher at all rates of consumption; this is called the income effect. As wealth rises, consumers will substitute away from less costly inferior goods and services, choosing higher priced alternatives.".
- Consumer_choice thumbnail Consumer_constraint_choice.svg?width=300.
- Consumer_choice wikiPageID "232167".
- Consumer_choice wikiPageRevisionID "602182260".
- Consumer_choice hasPhotoCollection Consumer_choice.
- Consumer_choice subject Category:Consumer_theory.
- Consumer_choice subject Category:Household_behavior_and_family_economics.
- Consumer_choice subject Category:Microeconomics.
- Consumer_choice subject Category:Utilitarianism.
- Consumer_choice comment "In microeconomics, the theory of consumer choice relates preferences (for the consumption of both goods and services) to consumption expenditures; ultimately, this relationship between preferences and consumption expenditures is used to relate preferences to consumer demand curves. The link between personal preferences, consumption, and the demand curve is one of the most closely studied relations in economics.".
- Consumer_choice label "Consumer choice".
- Consumer_choice label "Haushaltstheorie".
- Consumer_choice label "Teoria del consumatore".
- Consumer_choice label "Teoria do consumidor".
- Consumer_choice label "Teoria wyboru konsumenta".
- Consumer_choice label "Teoría del consumidor".
- Consumer_choice label "Théorie du consommateur (microéconomie)".
- Consumer_choice label "Теория потребления".
- Consumer_choice label "نظرية مستهلك".
- Consumer_choice label "消費者行動分析".
- Consumer_choice label "消费者理论".
- Consumer_choice sameAs Teorie_spotřebitele.
- Consumer_choice sameAs Haushaltstheorie.
- Consumer_choice sameAs Teoría_del_consumidor.
- Consumer_choice sameAs Théorie_du_consommateur_(microéconomie).
- Consumer_choice sameAs Teoria_del_consumatore.
- Consumer_choice sameAs 消費者行動分析.
- Consumer_choice sameAs 소비자_이론.
- Consumer_choice sameAs Teoria_wyboru_konsumenta.
- Consumer_choice sameAs Teoria_do_consumidor.
- Consumer_choice sameAs m.01hrrp.
- Consumer_choice sameAs Q833495.
- Consumer_choice sameAs Q833495.
- Consumer_choice wasDerivedFrom Consumer_choice?oldid=602182260.
- Consumer_choice depiction Consumer_constraint_choice.svg.
- Consumer_choice isPrimaryTopicOf Consumer_choice.