Marginalists

Question 1

Marginalism

Answer 1

attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal use

Question 2

How many characteristics?

Answer 2

8

Question 3

New definition of economics

Answer 3

Economics defined by the individual and his/her incentives instead of grouping individuals into classes

Question 4

Subjectivist theory of value and distribution

Answer 4

Subjective demand side factors acknowledged in determining value
Focus shifts from development issues to allocation of resources

Question 5

Economic problems seen as constrained optimisation

Answer 5

Production constrained by technical knowledge

Consumption constrained by income and commodity prices

Question 6

Made the Ceteris Paribus argument prominent

Answer 6

…

Question 7

Emphasised importance of substitution

Answer 7

…

Question 8

Focus on just one market

Answer 8

Classic S+D diagram ignores interdependencies