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Explain How the Phases of the Systems Development Life Cycle

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Essay

Explain how the phases of the systems development life cycle (SDLC)relate to each other.


Definitions:

Income

The amount of money received by an individual or entity, usually in exchange for labor or services, or through returns on investments.

Utility Function

A mathematical representation in economics that quantifies the satisfaction or happiness derived by a consumer from consuming goods and services.

Substitution Effect

The economic principle that as the price of a good rises, consumers will replace it with cheaper alternatives.

Income

The financial gain received by an individual or entity, typically through wages, investments, or business operations.

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