Examlex
What is CRP?
Real Income
The amount of goods and services that can be purchased with nominal income during some period of time; nominal income adjusted for inflation.
Increase in Price
A rise in the cost of goods or services, often due to factors like inflation, increased demand, or production costs.
Budget Line
A graphical representation of all possible combinations of two goods that can be purchased with a given budget at set prices.
Fixed Money Income
An income level that remains constant and does not adjust for inflation or economic conditions.
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