Identify and State the Historical Significance of the Following

question 65

Short Answer

Identify and state the historical significance of the following:
-oligarchy

---

Definitions:

Revealed Preference

A theory in economics that assumes individuals' preferences can be discerned by observing their purchasing habits and behaviors.

Utility Maximization

The process or strategy of choosing the combination of goods and services that maximizes the utility or satisfaction of a consumer, given their budget constraints.

Budget Constraint

An economic term referring to the limitations on spending based on available resources, affecting decisions in consumption and investment.

Prices Change

Refers to the fluctuations in the cost of goods and services over time due to various economic factors.