Examlex
The natural rate of unemployment will not change following an increase in ________ unemployment.
Substitution
The economic principle stating that as prices rise or consumer preferences change, individuals substitute one good or service for another.
Utility Function
A mathematical representation of how different combinations of goods or services generate levels of happiness or satisfaction to the consumer.
Utility
A measure of the satisfaction or happiness that a person derives from consuming goods and services.
Marginal Rate
Refers to the rate at which one quantity changes with respect to a change in another, commonly used in economics to describe the marginal rate of substitution or marginal rate of transformation.
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