Examlex
The less important the good in everyday consumption and the less percentage of budget is spent on the good:
Opportunity Cost
Sacrificing potential opportunities from a range of alternatives by settling on one.
Present Consumption
The portion of current income or resources that is used for consumption, rather than saving or investing.
Capital
Resources or assets used in the production of goods and services, such as machinery, buildings, and equipment.
Resources
Inputs used in the production of goods and services, including labor, capital, land, and technology.
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