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Income Effect
The change in consumers' purchasing power and consequently the quantity demanded of a good or service, prompted by a change in real income.
Opportunity Cost
Missing the chance to profit from several alternative options by deciding on one.
Hourly Wage Rate
The amount of money paid for each hour of work, commonly used to compensate employees in many occupations.
Marginal Utility
The augmented enjoyment or usefulness that comes from the consumption of an additional unit of a product or service.
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