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What is the Interpretivist philosophy?
Budget Line
A visual diagram showing every pairing of two items that a person can purchase within their budget constraints, based on their earning and the cost of these products.
Consumption Bundles
These are combinations of different goods and services that an individual consumes, representing a mix of choices according to their preferences and budget.
Income
Earnings received by individuals or entities, typically in the form of wages, salaries, rents, interest, or profits, available for spending or saving.
Substitution Effect
The shift in buying habits caused by a change in the relative costs of products, prompting consumers to substitute pricier options with more affordable ones.
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