Examlex
Explain what bank runs are and why fear serves to reinforce them. Explain where the fear may originate.
CPI
Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, used to estimate inflation.
Economic Rent
The extra income earned by a resource over its opportunity cost.
Price of Gas
The cost per unit (usually per gallon or liter) of gasoline, which can vary based on factors like location, demand, and taxes.
Backward-Bending Labor Supply Curve
A labor supply curve that illustrates how an individual's supply of labor can decrease as wages increase beyond a certain point, due to the preference for leisure over income.
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