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Sidney Mintz:
Wage Rate
The amount of money paid to an employee per unit of time, often per hour or year.
Labor Supply
The total number of hours that workers are willing and able to work at a given wage rate.
Utility Maximizing
The economic principle that consumers will choose a combination of goods and services that maximize their overall satisfaction.
Indifference Curves
graphical representations in microeconomics illustrating combinations of goods that provide an individual with the same level of satisfaction.
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