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Unit Plan

Khan Academy: Decisions Within a Budget Constraint

Curated by ACT

Another approach to maximizing utility uses indifference curves (sometimes called utility curves) and budget constraints to identify the utility optimizing combination of consumption. Read about this method in this article.

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Concepts
budgeting
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Additional Tags
budget constraints, opportunity costs, decision-making, decisions within a budget constraint, khan academy, khan academy: decisions within a budget constraint, indifference curves or utility curves, maximizing utility, consumer decision-making process, costs and diminishing marginal product
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Classroom Considerations
  • Knovation Readability Score: 5 (1 low difficulty, 5 high difficulty)