The concept of personal welfare as being measurable. Statements about both the level of welfare and the size of a change in welfare are thus meaningful. Cardinal utility is contrasted with ordinal utility, in which the level of welfare is not measurable, so that only statements about the direction of changes in welfare are meaningful. Economists find that this distinction raises severe problems. No objective measure of utility has been discovered, but in the analysis of choice under conditions of uncertainty models involving the assumption of cardinal utility have proved very useful.

• consultant
• consumer
• consumer behaviour
• consumer borrowing
• consumer choice
• consumer confidence
• consumer credit
• consumer debt
• consumer durables
• consumer expenditure
• consumer goods
• consumerism
• consumer non-durables
• consumer price index
• consumer protection
• consumer rationality
• consumer sovereignty
• consumer surplus
• consumption
• consumption externality
• consumption function
• consumption goods
• consumption possibility line
• contagion
• content, local