[This is part of the series: The Complete Guide To Economics 101.]
In economics, indifference curves are a thing.
What are they?
An Indifference Curve is a graph that represents different quantities of goods and services.
Along the curve itself are points where a person is indifferent to the quantity received.
For example, one might be indifferent between the following:
- 2 Ice Creams, and 1 Cheeseburger
- 5 Ice Creams, and 2 Cheeseburgers
- 9 Ice Creams, and 3 Cheeseburgers
It a simply boils down to preferences.