Chapter 3 of 12
Concept Maps
Theory of Consumer Behavior — Concept Maps
Madhya Pradesh Board · Class 12 · Economics
4 concept maps of Theory of Consumer Behavior for Madhya Pradesh Board Class 12 Economics, each also written out as a text outline.
46 questions80 flashcards11 formulas & key relations5 concepts
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4 Concept Maps
Theory of Consumer Behaviour — Complete Concept Map
The map in words
- Consumer Behaviour
- Cardinal Utility
- Total Utility
- TU rises then falls
- Max when MU is zero
- Marginal Utility
- MU = TU_n minus TU_n-1
- Law of Diminishing MU
- Demand Curve
- Downward sloping
- Derived from DMU
- Total Utility
- Ordinal Utility
- Indifference Curve
- Downward sloping
- Convex to origin
- Higher IC more utility
- ICs never intersect
- MRS
- Rate of substitution
- Diminishing MRS
- Indifference Map
- Family of ICs
- Monotonic preferences
- Indifference Curve
- Budget
- Budget Set
- All affordable bundles
- On or below budget line
- Budget Line
- p1x1 plus p2x2 = M
- Slope is minus p1 by p2
- Intercepts M by p1 and M by p2
- Changes
- Income change - parallel shift
- Price change - pivot
- Budget Set
- Consumer Optimum
- Tangency of IC and Budget Line
- MRS equals price ratio
- Highest affordable IC
- Demand
- Law of Demand
- Inverse price-quantity relation
- Normal Goods
- Income rises demand rises
- Inferior Goods
- Income rises demand falls
- Giffen Goods
- Upward sloping demand
- Substitutes
- Tea and Coffee
- Complements
- Tea and Sugar
- Law of Demand
- Elasticity
- eD = percent Q by percent P
- Elastic - eD greater than 1
- Inelastic - eD less than 1
- Unit Elastic - eD equals 1
- Expenditure relationship
- Cardinal Utility
Correct vs Incorrect: What Causes Movement vs Shift in Demand Curve
The map in words
- Change in Demand Observed
- What Changed?
- Price of the good itself changed: Movement Along Demand Curve
- E
- Other factors changed: Shift of Demand Curve
- Which factor?
- Income rose - normal good: Rightward Shift
- Income rose - inferior good: Leftward Shift
- Substitute price rose: Rightward Shift
- Complement price rose: Leftward Shift
- Favourable preference change: Rightward Shift
- Which factor?
- Price of the good itself changed: Movement Along Demand Curve
- What Changed?
- Different
- Called
Overview of Theory of Consumer Behaviour
The map in words
- Consumer Behaviour
- Cardinal Utility
- Total Utility TU
- Marginal Utility MU
- Law of Diminishing MU
- Demand Curve Derivation
- Ordinal Utility
- Indifference Curve
- Downward Sloping
- Convex to Origin
- Non Intersecting
- Higher IC Higher Utility
- Marginal Rate of Substitution
- Diminishing MRS
- Perfect Substitutes Straight Line
- Indifference Map
- Indifference Curve
- Budget Analysis
- Budget Constraint
- Budget Line
- Slope Price Ratio
- Horizontal Intercept
- Vertical Intercept
- Changes in Budget Set
- Income Change Parallel Shift
- Price Change Pivot
- Consumer Equilibrium
- Tangency Condition
- MRS equals Price Ratio
- Substitution Effect
- Income Effect
- Demand
- Law of Demand
- Normal Goods
- Inferior Goods
- Substitutes
- Complements
- Market Demand
- Elasticity
- Perfectly Inelastic Zero
- Inelastic Less Than One
- Unit Elastic Equal One
- Elastic Greater Than One
- Perfectly Elastic Infinity
- Elasticity and Expenditure
- Cardinal Utility
Theory of Consumer Behaviour
The map in words
- Theory of Consumer Behaviour
- Utility
- Cardinal Utility Analysis
- Ordinal Utility Analysis
- Consumer's Budget
- Consumer's Optimal Choice
- Demand
- Income and Related Goods
- Price Elasticity of Demand
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Explore DiagramsFrequently Asked Questions
What are the important topics in Theory of Consumer Behavior for Madhya Pradesh Board Class 12 Economics?
Key topics in Theory of Consumer Behavior include Utility, Cardinal Utility Analysis, and Marginal Utility, Ordinal Utility Analysis, Indifference Curve, and MRS, Budget Set, Budget Line, and Consumer’s Optimum, Demand, Law of Demand, and Market Demand. Study these first, then practise questions on each for the Madhya Pradesh Board Class 12 board exam.
What do the concept maps for Theory of Consumer Behavior show?
The 4 maps show how the ideas in Theory of Consumer Behavior connect: Theory of Consumer Behaviour — Complete Concept Map; Correct vs Incorrect: What Causes Movement vs Shift in Demand Curve. Each map is also written out as an outline on this page.
How should I revise Theory of Consumer Behavior for the Madhya Pradesh Board Class 12 board exam?
Learn the core ideas first, then work through the 46 practice questions on Theory of Consumer Behavior. Revise definitions regularly and use flashcards for quick recall before the exam.
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