Examlex
The opportunity cost of going to college or university for four years is
Substitute Goods
Products or services that can be used in place of each other, where the consumption of one increases the likelihood of the other being consumed less.
Demand Curve
A graph showing the relationship between the quantity of a goods or services demanded and its price, usually downward sloping.
Price Increase
A rise in the cost of goods or services over time, affecting the purchasing power of money.
Money Income
The total amount of monetary earnings or receipts accrued by an individual or household in a given time period.
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