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Briefly describe the three main institutions of the foreign exchange market.
Budget Constraint
The maximum range of goods and services a consumer is able to purchase, determined by their income and the cost of these goods and services.
Income
The money received by individuals or entities, typically in the form of wages, salaries, or various types of investments returns.
Opportunity Cost
The forfeiture of possible benefits from other options when a specific choice is made.
Real Cost
The total cost of producing a good or service, considering all resources including time and opportunity costs.
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