Examlex
Period costs are not considered when costing products for inventory.
Substitution
The economic principle where consumers replace more expensive items with less costly alternatives, or when firms swap higher-priced inputs with cheaper resources.
Income Effect
The change in consumption resulting from a change in real income.
Total Utility
The overall satisfaction or benefit a consumer receives from consuming a certain quantity of a good or service.
Indifference Curve
A graph that represents different combinations of two goods or services among which a consumer is indifferent, meaning they have no preference for one combination over another, all providing the same level of utility.
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