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Economic Wants
Economic wants are desires that can be satisfied through the consumption of goods and services, which are often influenced by factors such as income, taste, and cultural trends.
Maximum Satisfaction
The highest level of satisfaction or utility achieved by a consumer through the consumption of goods and services.
Economic Principles
Fundamental theories and concepts that underpin the study of economics, guiding the analysis of economic behavior.
Value Judgments
Assessments or opinions based on personal values, ethics, or tastes, rather than objective data.
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