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Value Judgments
Assessments or opinions based on personal values, ethics, or tastes, rather than objective data.
Positive Economic Statement
An objective statement that can be tested or validated and is based on factual information.
Budget Line
A diagram that represents all possible pairs of two commodities that can be acquired with a given budget and product prices.
Incomes
The money received by individuals or groups for work, from investments, or from transfers like pensions or gifts.
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