WELCOME TO YOU I heartily welcome you to read this post on "Consumer behaviour analysis". very basic concepts. Share your thoughts as they're very powerful. ------------------------------ Utility The want satisfying power of a commodity for a particular period of time is called as utility. It is the main basic for demand for that commodity. Every economic good has utility as we've written in previous concepts. Cardinal utility This concept was developed by Marshall a  British economist. if the satisfaction derived from a different commodities by the consumer is expressed in terms of numbers (numerical values) such as 1, 2, 3, 4... etc It is called as Cardinal utility. (Cardinal numbers). Ordinal utility This concept was introduced by John R. Hicks. According to this concept, Utility is subjective so, The satisfaction can be measured by ranks such as, 1st, 2nd 3rd, 4th... etc. We can observe the difference between satisfaction which is derived by consuming different go

WELCOME TO YOU I heartily welcome you to read this post on the concept of wants. ------------------------------ Want Generally a want is just a desire. But in Economics it is a very basic/fundamental concept which is basis for number of other concepts in economic theories. It is assumed that Human wants are always unlimited or limitless whereas, resources are always in scarce. Simply the resources are always less than the demand. That's why the reason a man will go for alternative resources. Want is a psychological phenomenon.  Economic want and noneconomic want Generally wants are divided into 2 types. they are: Economic want Noneconomic want      *Economic want refers to those desires which can be bought and satisfied through money or other way of transaction. For example, purchase of clothes, Satisfying basic requirements/necessities etc. This kind of want requires purchase of a commodity. It can be satisfied with the right desire and ability to pay. I can say simply that the in