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Leisure
Free time when individuals are not engaged in work or essential activities, often used for relaxation, recreation, or other personal interests.
Wage Rate
The standard amount of compensation paid to an employee per unit of time (e.g., hourly, daily, or annually) for their labor.
Consumption
The process by which goods and services are utilized by consumers to satisfy their needs and desires.
Budget Equation
An equation that represents the balance between an individual's or entity's income and expenses.
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