Examlex
Identify the following terms.
-Meroë
Initial Endowment
The initial distribution of wealth, goods, or resources that individuals or firms possess in an economic model.
Leisure
A period of free time not taken up by work, during which an individual can relax, enjoy hobbies, or engage in other activities that they find pleasurable.
Normal Good
A good for which demand increases as the income of individuals increases, all other factors being constant.
Utility Function
An economic formula that explains the preference ratings associated with consuming different combinations of goods, reflecting consumer satisfaction.