{"id":144,"date":"2024-05-29T23:13:11","date_gmt":"2024-05-29T23:13:11","guid":{"rendered":"https:\/\/course.oeru.org\/miec102\/?page_id=144"},"modified":"2024-05-29T23:13:11","modified_gmt":"2024-05-29T23:13:11","slug":"introduction-and-objectives","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/miec102\/learning-pathways\/the-consumer\/introduction-and-objectives\/","title":{"rendered":"Introduction and objectives"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>\nHere we will focus on the individual consumer and the characteristics that compel a consumer (to choose) to spend income on goods and services. The consumer experiences utility &#8211; a measure of satisfaction &#8211; with every purchase that he or she makes, and economists measure that utility in order to find a consumer&#8217;s optimal rate of consumption. The Theory of Demand is derived from the Theory of Consumer Behavior presented here. An individual&#8217;s demand function can be explained by two approaches that help illustrate personal preferences: utility analysis and indifference analysis. In the readings ahead, you will explore these concepts more fully.\n<\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"objectives\" src=\"https:\/\/course.oeru.org\/miec102\/wp-content\/themes\/oeru_course\/idevices\/Icon_objectives.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Objectives<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p>Upon successful completion of this unit, you will be able to:\n<\/p>\n<ul>\n<li> identify and describe the basic tenets of consumer theory through two alternate approaches: the utility analysis and the indifference analysis; and\n<\/li>\n<li> correlate the derivation of the theory of demand to the theory of consumer behavior.\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.014 seconds\nReal time usage: 0.016 seconds\nPreprocessor visited node count: 111\/1000000\nPreprocessor generated node count: 839\/1000000\nPost\u2010expand include size: 2135\/2097152 bytes\nTemplate argument size: 688\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:177009-0!*!*!*!*!2!* and timestamp 20240529231310 and revision id 1003557\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/miec102\/learning-pathways\/markets-and-individual-maximizing-behaviour\/income-inequality\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/miec102\/learning-pathways\/the-consumer\/the-rational-consumer\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Microeconomics_production_and_consumption\/Consumer\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"63f32d0454233842fcd9a92f37d23c1d\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Microeconomics_production_and_consumption\/Consumer\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"63f32d0454233842fcd9a92f37d23c1d\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Here we will focus on the individual consumer and the characteristics that compel a consumer (to choose) to spend income on goods and services. The consumer experiences utility &#8211; a measure of satisfaction &#8211; with every purchase that he or she makes, and economists measure that utility in order to find a consumer&#8217;s optimal rate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":142,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-144","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/comments?post=144"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/144\/revisions"}],"predecessor-version":[{"id":145,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/144\/revisions\/145"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/142"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/media?parent=144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}