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Observe the desert and steppe climates on Figure 20.8 below. How are these climates distributed relative to latitude? What is the relationship of dry climates to global circulation discussed in chapter 20?
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.
Diminishing Marginal Utility
The principle stating that as a person consumes more of a good, the additional satisfaction derived from consuming an additional unit lessens.
Gift Registries
Lists created by individuals or couples indicating the gifts they wish to receive for a special occasion, such as a wedding or baby shower.
Cash Refunds
Payments made in cash to purchasers of goods or services, often as a result of overpayment or a promotional offer.
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