CARDINAL AND ORDINAL UTILITY

Published on 8th, April 2021
Microeconomics is the branch of economics that considers the behavior of decision takers within the economy, such as individuals, households and firms. Today we talked about one of the important portion of microeconomics.
These are CARDINAL AND ORDINAL UTILITY.
• Cardinal Utility is the idea that economic welfare can be directly observable and be given a value.
• In ordinal utility, the consumer only ranks choices in terms of preference but we do not give exact numerical figures for utility.
This is an important topic you are going to learn in your economics class. Hope you are understand this video clearly. If there are any doubt, let me know, write in the comment box. Please like the video and subscribe my channel for more content about economics. Your wishing motivate me to create such content.
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