Examlex
List the three key goals of the Canadian economic system.
Utility Function
A mathematical representation in economics that assigns a value to each possible choice or bundle of goods to reflect the satisfaction or happiness a consumer derives from it.
Consumption
The application of goods and services by domestic units.
Interest Rate
The percentage of a sum of money charged for its use, determining the cost of borrowing or the return on investment.
Income
Earnings received by an individual or entity, typically through wages, investments, or business activities, over a certain period.
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