Examlex
What does the "three strikes and you're out" law in California mandate?
Private Good
An economic product or service that is consumed by an individual or a specific group, characterized by its exclusivity and rivalry in consumption.
Utility Function
A mathematical representation that assigns a value to every possible choice to represent the level of satisfaction or happiness it provides the consumer.
Private Consumptions
The total amount of goods and services consumed by households in an economy.
Total Amount
The complete sum or quantity of something, often referring to the total money involved in a transaction.
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