At The End Of the Day What Matters!!!Only "SATISFACTION"

'Tastes' and 'preferences' are are synonyms which refer to the "satisfaction", what we get from a bundle of goods. 'Taste' and 'preference' are fixed and given,which play a large role in decision making. People allocate their income to maximize their 'satisfaction' or 'total utility'.
                   Additional utility is generate when consumer consume one additional unit that is called marginal utility.
                    If we buy more of one good(keeping purchase of the other goods constant) we will increase our satisfaction but by less than the increase satisfaction coming from the previous purchase of that good. This is called diminishing marginal utility.
                          In 2 ways we can measure disable utility-
                        1.Cordinal utility
               ( which refers to rating)
                        2. Ordinal utility
                ( which refers to ranking)
             Taste also describes the effect of our satisfaction from interaction between goods and purchases. If goods are substitutes then purchasing more than one will reduce the satisfaction from purchasing.Other demanding more of 1 reduce the demand for the other because the two goods satisfy the same want. The way of our choice and satisfaction changes from person to person.The marginal utility diminishing from unit to unit.Everything happens in subconsciously and consciously.
                             For example:-
                                                      When a new song released in the market people constantly listen that particular song for a certain time period but after a period of time when other new song come to the market that previous song value changed.
    THE MAIN DIFFERENCE BETWEEN MARGINAL UTILITY AND DIMINISHING MARGINAL UTILITY:-
       1. Marginal utility refers to the benefit you get from something.
             For example:-
                                       If we buy a new bike or scooty, then no longer have to work.
       2. Diminishing marginal utility refers to how much a business makes by hiring new workers.So basically marginal utility is talking about consumption.
             For example:-
                                      Consuming one candy bar may satisfy a person sweet tooth, if the second Candy bar is consumer the satisfaction of eating that will be less than the satisfaction gained from eating the first bar.
SOME CHARACTERISTICS OF UTILITY:-
       1. Principle of diminishing marginal         utility:
            The more of a good that one obtains in a specific period of time,the less the additional utility derived from an additional unit of the good.
       2. Utility diminishes over time:
               The shorter the time period, the more quickly marginal utility diminishes.
      3. Consumers are not identical:
                 The rate at which marginal utility diminishing depend on individual taste and preference, so it differs across consumer.