Examlex
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Income
The amount of money or value received, often measured annually, from work, investments, business, etc., used to support oneself or a family.
Perfect Substitutes
Goods for which the indifference curves are straight lines; the marginal rate of substitution of one good in place of another good is constant, regardless of how much of each an individual consumes.
Consumer Equilibrium
A state where an individual consumer has optimized their utility, given their budget constraints, choosing the best possible goods or service mix.
Budget Constraint
The limits placed on the consumption choices of individuals by their income and the prices of goods and services.
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