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Distinguish between capitalism and socialism. Include in your answer a brief discussion of the convergence hypothesis.
Bundles
Groups of goods or services sold together as a single package.
Strong Axiom
A stringent condition in economics that, when applied, implies a level of consistency in consumer choice behavior beyond what is required by weaker axioms.
Revealed Preference
A theory suggesting consumers' preferences can be inferred from their purchasing habits.
Prices
Monetary values assigned to goods and services in a market, determining how resources are allocated among consumers and producers.
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