Examlex
Please define the following key terms.
-The Praise of Folly
Tax
A mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Utility Function
A rephrased definition: A tool in economics to quantify an individual's satisfaction from consuming different bundles of goods and services.
Price
The sum of money needed to buy a product or service.
Utility Function
A mathematical representation expressing an individual's preference ordering over a set of goods and services, showing the level of satisfaction or utility derived from various bundles of goods.
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