Examlex
Please define the following key terms.
-Emperor Francis Joseph
Marginal Costs
The increase or decrease in the total costs incurred by producing one additional unit of a product or service.
Resources Scarcity
The economic problem of having seemingly unlimited human wants in a world of limited resources.
Consumer's Income
The total amount of earnings available to an individual or household to spend or save after taxes.
Budget Line
A graphical representation showing all possible combinations of two goods that can be purchased with a given budget at current prices.
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