Examlex
Classification is a one-time procedure.
Utility
A measure of satisfaction or benefit that consumers receive from consuming goods and services.
Equilibrium Position
The state in which market supply and demand balance each other, resulting in stable prices and quantities.
Budget Line
A graphical representation showing all possible combinations of two goods that can be purchased with a given income.
Indifference Curves
Graphical representations used in economics to show the different combinations of two goods that give a consumer equal satisfaction and utility.
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