Examlex
Which of the following plays the most important role in government buying?
Utility Function
A representation in economics of how a consumer ranks different goods or services, based on the level of satisfaction they provide.
Consumption
Consumption involves the use of goods and services by households, constituting one of the primary components of economic activity and a key indicator of economic health.
Income
The monetary payment received for work or through investments, pensions, or subsidies, which is used for consumption and saving.
Utility Functions
Mathematical models used to represent an individual's preference ordering over a set of alternatives, based on the level of satisfaction or utility.
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