Examlex
A child seen playing at the beach has first poured a bucket of sand into a short, fat container and then another bucket into a tall, thin container.When asked which container holds more sand, the child points to the tall, thin container.This response suggests that she is at Piaget's stage of cognitive development.
Utility Function
A representation of how a consumer ranks different bundles of goods according to their level of satisfaction or utility.
Income
Financial returns, especially continual, from work or investing activities.
Price of X
The amount of money required to purchase a product or service named X.
Consumption of Y
Represents the amount or volume of good Y that is utilized or consumed over a period.
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