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Budget Constraint
A representation of all the combinations of goods and services that a consumer can afford with a fixed income and prices.
Indifference Curve
A graph representing different bundles of goods between which a consumer is indifferent, showing combinations that give the consumer the same level of satisfaction.
Income
The amount of money or its equivalent received during a period of time in exchange for labor, goods, or services, or as profit on capital.
Indifference Curves
Graphical representations in economics showing combinations of goods among which a consumer is indifferent, helping to analyze consumer choices.
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