Examlex
Along with a home and a TV, what became part of the "standard consumer package" of the 1950s?
Rationing Function
The ability of market prices to allocate scarce resources efficiently among competing uses.
Incentive Function
The inducement that an increase in the price of a commodity gives to sellers to make more of it available (and conversely for a decrease in price), and the inducement that an increase in price offers to buyers to purchase smaller quantities (and conversely for a decrease in price).
Loan Period
The duration of time from the initiation of a loan to its final due date, within which the borrower is expected to repay the borrowed amount along with interest.
Interest Rate
The percentage of a sum of money charged for its use, typically expressed as an annual percentage rate.
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