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.

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.