Examlex
Nanak
Utility Function
A mathematical representation that describes the level of satisfaction or happiness that a consumer derives from consuming a set of goods and services.
Consumption
The act of using goods and services to satisfy needs or desires.
Price
The financial valuation expected, obligatory, or handed in exchange for something.
Nonlabor Income
Income received that does not come from working, such as interest from savings, dividends from investments, or government benefits.
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