Examlex
Labor economists consider an increase in demand for skill the most important reason for growing inequality.
Marginal Product
The increase in output that results from employing one more unit of a factor of production.
Income Effect
How an individual's or economic income shift influences the demand for goods or services.
Substitution Effect
The substitution effect describes the change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
Higher Wage
The increased remuneration or salary received by an employee, often as a result of promotions, market adjustments, or successful salary negotiations.
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