Economic Concepts

The concept of marginalism put forward by von Thnnen held that when production occurs under constant returns to scale, marginal-product factor pricing will equal total product. This concept changed the understanding of the earlier concept of an aggregate production surplus. The von Thnnen approach to the issue provided a basis for the development of the concept of marginal utility (Eatwell, Milgate, & Newman, 2002).

Gossen (1854) was one of the first economists to refer to a final utility (or marginal utility). The marginal utility concept allowed economists to inte

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Approximate Pages = 2 (250 words per page)

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