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MATCHING Match Each Description with the Item Below

question 12

Multiple Choice

MATCHING
Match each description with the item below.
-Henry Clay


Definitions:

Utility Function

A mathematical representation of how consumers derive satisfaction or utility from consuming goods and services.

Goods

Tangible products or items that satisfy human wants or needs.

Budget Constraint

An economic model that represents all the combinations of goods and services that a consumer can afford with a fixed amount of income.

Goods

Physical items that are produced and consumed by individuals or businesses to satisfy needs or wants.

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