Examlex
If nominal GDP is rising faster than real GDP, then inflation must be occurring.
Price Ratio
A comparison of the prices of two goods or services, used to analyze consumer preferences or the cost-effectiveness of different products.
Income
The money received by an individual or business in exchange for labor, services, or investment, often measured on a regular basis like monthly or yearly.
Marginal Utility
Marginal utility refers to the extra satisfaction or benefit a consumer receives by consuming an additional unit of a good or service.
Total Utility
The complete gratification or advantage gained from using a specific quantity of a product or service.
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