An applet is a small application or utility that performs a specific task, often running within a larger program. Common examples include tools in Microsoft Windows Accessories and Microsoft Office.
An application, commonly referred to as an 'app,' is software designed to perform specific tasks on devices like tablets and smartphones. Apps are typically single-purpose utilities aimed at enhancing the functionality of these devices.
The Law of Diminishing Marginal Utility is an economic proposition that states that successive units of a good or service provide less and less satisfaction to a consumer, given that the previous units already have been consumed.
An indifference curve is a graphical representation that shows different combinations of two goods providing equal utility or satisfaction to a consumer.
The additional usefulness or satisfaction a consumer receives from the consumption of one more unit of a good.
