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How is it that technological change could have a polarizing effect on the labor market?
Utility Maximization
The economic principle that individuals or firms attempt to allocate their resources in a manner that maximizes their satisfaction or profit.
Marginal Utility
The supplementary enjoyment a consumer experiences when they consume an extra unit of a good or service.
Budget Constraints
Budget constraints represent the limitations on the spending choices of consumers based on their income and the prices of goods and services.
Total Utility
The overall satisfaction a consumer receives from consuming a particular quantity of goods or services.
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