Define Each of the Following Terms

question 18

Short Answer

Define each of the following terms.
A. Algorithm _______________________________________________________________
B. Program _______________________________________________________________
C. Process _______________________________________________________________

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Definitions:

Price

The monetary worth anticipated, necessitated, or provided in compensation for an item.

Equivalent Variation

A measure in economics that captures the change in income needed to reach a utility level after a price change, keeping welfare constant.

Utility Function

A mathematical model used in economics to represent a consumer's preference ranking for different bundles of goods, showing satisfaction levels.

Consumption

The act of using goods and services to satisfy needs or wants.