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In the event of dramatic changes in the world environment
Indifference Curves
Graphical representations used in microeconomics to show combinations of two goods that give a consumer equal satisfaction and utility.
Convex
A shape or curve that bulges outward or is thicker in the middle than at the edges, often used in economic models to describe certain types of preference or utility functions.
Marginal Utility
The increased satisfaction obtained from the consumption of an extra unit of a good or service.
Money Income
The total income received by an individual or household in monetary form from all sources before any taxes.
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