Total Benefit
Definition
Total benefit refers to the overall satisfaction or value that an individual receives from consuming a certain quantity of a good or service.
Analogy
Think of total benefit as the deliciousness of a pizza. The more slices you eat, the greater your total benefit because each slice adds to your satisfaction and enjoyment.
Related terms
Marginal Benefit: Marginal benefit is the additional satisfaction or value gained from consuming one more unit of a good or service.
Consumer Surplus: Consumer surplus is the difference between what consumers are willing to pay for a good and what they actually pay.
Demand Curve: The demand curve shows the relationship between price and quantity demanded for a particular good or service.
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