Examlex
If Sandra notes that the average income in the world has gone up over the last few decades to show the progress humanity has made,what evidence might a sociologist give to contradict her?
Marginal Utility
The additional satisfaction a consumer gains from consuming one more unit of a good or service.
Sixth Unit
A term possibly denoting the incremental unit in a series, used in contexts like economics to discuss marginal utility or cost of the sixth item.
Budget Line
A graphical representation of all possible combinations of two goods that can be purchased with a given budget at fixed prices.
Shifting Outward
Refers to the expansion of production possibilities or outward movement of the production possibility frontier, indicating economic growth or improvement in resource availability.
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