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Describe and state the historical significance of the following:
-Albany Congress
Indifference Curve
A graph representing combinations of two goods that provide the consumer with the same level of satisfaction, illustrating preferences.
Constant
A value that does not change in mathematical expressions or economic models, acting as a fixed point of reference.
Diminishing
A principle indicating that as more of a good or service is consumed, the marginal benefit to the consumer decreases.
Behavioral Economics
A field of economic research that examines the effects of psychological, cognitive, emotional, cultural, and social factors on economic decisions.