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Explain the page box model, making sure to define all relevant terms in your response.
Labor Income
Earnings from work or employment, including wages, salaries, bonuses, and any other form of payment for labor services.
Budget Constraint
The limitation on the consumption bundles that a consumer can afford based on their income and the prices of goods and services.
Net Demands
The total demand for a product or service minus the supply provided, reflecting the actual market demand not met by current production.
Gross Demands
The total demand for a good or service before accounting for substitutions or complementarity effects.
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