Knowledge and past experience will help

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We noted that information is costly to acquire. Asking family and friends, searching through magazines such as Consumer Reports, and contacting your local Better Business Bureau are all ways of gathering information about products and potential sellers. The time and effort consumers spend acquiring information will be directly related to the value derived from it. » Read More

One good can be substituted for another

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Consumers can achieve utility- that is, satisfaction- from many different alternatives. Either a hamburger or a taco might satisfy your hunger, while going either to a movie or to a football game might satisfy your desire for entertainment. With $600, you might either buy a new TV set or take a short vacation. No single » Read More