What you’ll learn4 learning objectivesChoose one objective for a focused lesson, or study the complete topic.7.2.1Indifference curves and budget lines• Meaning of an indifference curve and a budget lineSyllabus objective7.2.2Budget line shifts• Causes of a shift in the budget lineSyllabus objective7.2.3Income, substitution and price effects• Income, substitution and price effects for normal, inferior and Giffen goodsSyllabus objective7.2.4Limits of indifference curve model• Limitations of the model of indifference curvesSyllabus objective