Consumer choice
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The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of
Art and antique consumers, shown here at an outdoor market in Madrid, have to take a range of factors into consideration
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Supply and demand
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In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, the unit price for a particular good or other traded item in a
Consumer choice
…The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures…
Adam Smith
English economist Alfred Marshall pictured c. the release of Principles of Economics (1890)