2 Tutorials that teach Resource Allocation for Consumers
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Resource Allocation for Consumers

Resource Allocation for Consumers

Author: Catherine Barry

This lesson will explain the economic idea of how resources are allocated for consumers.

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Terms to Know
  • Constraints

    An element that creates parameters which may interrupt the achievement of a goal.

  • Income

    Money earned in exchange for capital or labor within a particular time interval.

  • Labor/Leisure Trade-Off

    Comparison between time spent working and earning income, versus time spent participating in non-work activities and earning value in satisfaction.