Examlex
In many respects, the _____ model represents an "ideal" model decision-making and can't usually be attained by real people in real organizations.
Households
Economic units consisting of all the people who occupy a housing unit, often playing a role as consumers in the economy.
Firms
Firms are business entities engaged in commercial, industrial, or professional activities, aiming to make a profit by providing goods or services.
Labor Supply Curve
a graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to supply.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another more or less expensive one.
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