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Budget Constraint
The representation of all the combinations of goods and services that a consumer can afford to buy with their income at given prices.
Utility
An indicator of the contentment or joy people experience from consuming products and services.
Indifference Curve
A graph showing different bundles of goods between which a consumer is indifferent, highlighting combinations that provide the same level of utility to the consumer.
Total Utility
The total gratification or enjoyment a customer receives from using a specific amount of products or services.
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