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Money Income
The total earnings received by an individual or household in the form of wages, salaries, benefits, and other monetary sources before any deductions.
Prices
The amount of money required to purchase a good or service, determined by factors like supply, demand, and market competition.
Marginal Rate
The rate at which a quantity increases or decreases as a result of a unit change in another variable, often used in the context of taxation or utility.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper alternatives.
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