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Traditional Economic Theory
A broad term for theories that formed the basis of economic thought, focusing on factors like supply, demand, market equilibrium, and the role of government.
Indifference Curve
Curve representing all combinations of market baskets that provide a consumer with the same level of satisfaction.
Price Increase
A rise in the cost of goods or services in the market.
Traditional Theory
This term encompasses theories that rely on established norms and practices, often contrasting with modern or contemporary theories.
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