Economics

• Hermann Heinrich Gossen
  Hermann Heinrich Gossen
  Hermann Heinrich Gossen was a Prussian economist who is often regarded as the first to elaborate a general theory of marginal utility.-Life and work:...
  
  , a Prussian economist
  • Gossen's laws
    Gossen's laws
    Gossen's laws, named for Hermann Heinrich Gossen , are three ostensible laws of economics:* Gossen's First Law is the “law” of diminishing marginal utility: that marginal utilities are diminishing across the ranges relevant to decision-making.* Gossen's Second Law, which presumes that utility is at...
    
    , his laws concerning such economic concepts as scarcity
    Scarcity
    Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be...
    
     and marginal utility
    Marginal utility
    In economics, the marginal utility of a good or service is the utility gained from an increase in the consumption of that good or service...
    
    
  • Gossen's second law
    Gossen's second law
    Gossen's Second “Law”, named for Hermann Heinrich Gossen , is the assertion that an economic agent will allocate his or her expenditures such that the ratio of the marginal utility of each good or service to its price is equal to that for every other good or service...