Alfred Marshall

High school (ages 12+)
History & Culture

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Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/alfred-marshall

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. When was Alfred Marshall born?July 26, 1842
2. Where was Alfred Marshall born?London, England
3. Who was Alfred Marshall?Alfred Marshall was a smart thinker who helped explain how prices work in markets. He wrote a book called "Principles of Economics" that became a popular textbook.
4. What did Marshall's book do?It brought together many ideas like supply, demand, and marginal utility into one clear system, so people could study economics more easily.

Neoclassical Economics: A school of economic thought that emphasizes the role of supply and demand in determining prices and output.
Marginal Utility: The additional satisfaction or benefit a consumer gains from consuming one more unit of a good or service.
Costs of Production: The sum of all expenses incurred by a firm in producing a good or service, including labor, materials, and overhead.
Market Equilibrium: A state where the quantity of a good or service supplied equals the quantity demanded, resulting in stable prices.