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Governments grant patents to encourage
Interest Rate
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan balance.
Utility Function
A formula that assigns numerical values to utilities in order to represent a consumer's preferences consistently. (Duplicate rephrase)
Consumption
Individuals or households utilizing goods and services.
Interest Rate
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage.
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