The VBA Model Represents Three Core Concepts Which Are

question 46

Multiple Choice

The VBA model represents three core concepts which are:

• A) Value
• B) Balance
• C) Accountability
• D) Only value and balance
• E) Value, balance, and accountability

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Definitions:

Budget Constraint

The limitation on the consumption bundles that a consumer can afford based on the consumer's income and the prices of goods and services.

Units Of B

This term is not clearly defined without context and could potentially refer to any measurement involving the variable "B."

Units Of A

Indicates discrete quantities or measurements of a given entity or substance, allowing for the quantification and assessment in various contexts.

Budget Equation

An expression that represents the constraint faced by consumers where the total amount spent on goods and services must equal the available income or wealth.