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Jeff made two lines of toys with trucks in one line and cars in another.Jeff was exhibiting classification.
Income Effect
The correlation between income changes in an economy or for individuals and their effect on the quantity of goods and services demanded.
Opportunity Cost
The value of the next best alternative that is foregone when a decision is made to choose one option over another.
Leisure Time
Free time in which an individual is not working, is not engaged in compulsory activities, and can choose activities for relaxation, enjoyment, or other personal development.
Labor Market
The supply of available workers in relation to available work, and the dynamics of wages, employment, and income.
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