Examlex
Explain why economics is considered a social science.
Future Consumption
Refers to the use or purchase of goods and services at a future date, an important concept in economics related to saving and investment decisions.
Current Consumption
The total value of all goods and services consumed by households and individuals in the present time period.
Present Value
Today's value of future money or cash flow sequences, calculated using a certain rate of return.
Interest Rate
The percentage at which interest is charged or paid for the use of money over a period of time.
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