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Describe the similarities and differences between the t distribution and the normal distribution.
Consumption
The use of goods and services by households, constituting a major part of the economy's total output.
Permanent Income Hypothesis
A theory proposed by Milton Friedman suggesting that an individual's consumer behavior is determined by their long-term income expectations rather than their current income.
Services
Intangible products offered to consumers and other businesses, such as banking, education, and healthcare, which unlike goods, are not physical objects.
Autonomous Consumption
The level of consumption expenditure that occurs when income is zero, reflecting the basic level of consumption necessary for survival.
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