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Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable on another while holding all other relevant factors constant.
Total Income
The sum of all earnings obtained by an individual or entity, including wages, salaries, benefits, and income from investments, before any deductions.
Complementary
Goods or services that are used together, where the consumption or use of one increases the value or demand for the other.
Fixed Proportions
A production condition where inputs are used in constant ratios, without substitution between them, over a range of output levels.
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