Examlex
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Commodity
A basic good used in commerce that is interchangeable with other goods of the same type; commodities are often used as inputs in the production of other goods or services.
Income
Earnings garnered from employment or investing, often received periodically.
Budget Constraint
A line representing the combination of goods and services that a consumer can purchase with a given income.
Utility Function
A mathematical representation of how consumers derive satisfaction or utility from consuming goods and services.
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