Define the Following Terms

question 48

Short Answer

Define the following terms
-content validity

---

Definitions:

Budget Constraint

The limits imposed on household choices by income, wealth, and product prices.

Choice Set

The collection of all possible options available for selection by a decision-maker.

Leftover Income

The amount of income that remains after all necessary expenses, such as bills and living costs, have been paid.

Budget Constraint

A limit on the consumption bundles that a consumer can afford given their income and the prices of goods.