Examlex
Compare and contrast internal and external search.
Utility Function
A mathematical representation of how different quantities of goods or services can provide varying levels of satisfaction or utility to an individual.
Labor Income
Earnings obtained from employment, including wages, salaries, and benefits.
Gross Demands
The total quantity of goods or services demanded across all consumers in the market before accounting for net effects such as substitution or income changes.
Initial Endowment
The initial distribution of wealth, goods, or resources that individuals or firms possess in an economic model.
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