Examlex
Describe at least four of the different types of budgets that are frequently used.
Price of X
The cost associated with acquiring a unit of good or service X.
Utility Function
An economic model that measures preferences over a set of goods and services.
Budget Constraint
An economic model that represents all the combinations of goods and services a consumer can purchase given their income and the prices of those goods and services.
Bundle
A collection of goods or services that are sold together.
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