Examlex
An outward shift of the production possibilities frontier
Substitution Effect
The change in consumption resulting from a change in the price of a product, leading consumers to substitute that product with another.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Opportunity Cost
The cost of not choosing the next best alternative when making a decision.
Leisure
Time utilized for enjoyment and relaxation, free from the obligations of work or serious responsibilities.
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