Examlex
What is the final step in measuring poverty?
Income
The money received by individuals or entities, typically in the form of wages, salaries, or various types of investments returns.
Opportunity Cost
The forfeiture of possible benefits from other options when a specific choice is made.
Real Cost
The total cost of producing a good or service, considering all resources including time and opportunity costs.
Choice Set
A set of all possible options available for a consumer or a decision-maker in a given context.
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