Examlex
How did the spread of Islam affect Indian Ocean commerce?
Giffin Good
A type of good for which demand increases as the price increases, contradicting the basic law of demand due to the income effect.
Income Effect
The relationship between changing income levels in an economy or for individuals and the subsequent effect on goods and services demand.
Substitution Effect
Describes how consumers react to an increase in a good's price by substituting another good, affecting the quantity demanded.
Marginal Utility
The additional utility or enjoyment derived from the consumption of one more unit of a product or service.
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