(Answered) 1 what is meant by the term utility and how does it relate

Economics

1. What is meant by the term "utility" and how does it relate to purposeful behavior?

2. Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.

3. What are economic resources? What categories do economists use to classify them? Why resources are also called factors of production? Why are they called inputs?

4. Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph.

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