Home > Terms > Armenian (HY) > Ալֆրեդ Մարշալ
Ալֆրեդ Մարշալ
A British economist (1842–1924), who developed some of the most important concepts in microeconomics. In his best-known work, Principles of Economics, he retained the emphasis on the importance of costs, which was standard in classical economics. But he added to it, helping to create Neo-classical economics, by explaining that the output and price of a product are determined by both supply and demand, and that marginal costs and benefits are crucial. He was the first economist to explain that demand falls as price increases, and that therefore the demand curve slopes downwards from left to right. He was also first with the concept of price elasticity of demand and consumer surplus.
0
0
Improve it
- Part of Speech: proper noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
Contributor
Featured blossaries
fawhash
0
Terms
1
Blossaries
0
Followers
Management terms a layman should know
Category: Business 1 3 Terms
Browers Terms By Category
- World history(1480)
- Israeli history(1427)
- American history(1149)
- Medieval(467)
- Nazi Germany(442)
- Egyptian history(242)
History(6037) Terms
- Poker(470)
- Chess(315)
- Bingo(205)
- Consoles(165)
- Computer games(126)
- Gaming accessories(9)
Games(1301) Terms
- Biochemistry(4818)
- Genetic engineering(2618)
- Biomedical(4)
- Green biotechnology(4)
- Blue biotechnology(1)
Biotechnology(7445) Terms
- General accounting(956)
- Auditing(714)
- Tax(314)
- Payroll(302)
- Property(1)