Examlex
Discuss the issues related to Internet usage and personal privacy from both a business perspective and an employee and a customer standpoint. What should a small business do to decrease conflict?
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper alternatives.
Income Effect
The change in an individual's consumption patterns due to a change in their real income, typically following a price change of goods.
Indifference Curve
A graph showing a combination of two goods that give a consumer equal satisfaction and utility, representing preferences without implying greater or lesser utility.
Convex
A shape that curves outward, or a mathematical concept that implies a set or function that holds certain properties related to this outward curvature.
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