Refer to the diagram, where xy is the relevant budget line and I1, I2, and I3 are indifference curves. The equilibrium position for the consumer is at 
Definitions:
Handbags
Fashion accessories designed for carrying personal items, whose market dynamics can illustrate economic concepts of demand, supply, and price elasticity.
Exchange Rate
The valuation of one currency in the context of exchanging it for another.
Carrots
A root vegetable, typically orange in color, cultivated and consumed for its sweet flavor and nutritional value.
Terms of Trade
The ratio between a country's export prices and its import prices.
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