In economic theory, the budget set is one of those foundational ideas that describes the array of goods and services an individual may consume given his income as well as the prices of those goods. It constitutes an important framework for analyzing the choices of consumers as well as seeing how different factors affect decisions on what to buy and how much of it. This article presents budget sets in elaborate…
Stock and supply are part of the jargon of economics as the fundamental concepts that determine how we think about the availability and flow of resources in the market. Although they're often used interchangeably,…