Examlex
According to Stanley Milgram's experiments on obedience, ordinary people could be induced to perform inhumane acts simply by the presence of an authority figure.
Wealth Effect
The change in spending that accompanies a change in perceived wealth, usually referring to the increase in consumer spending following an increase in asset values.
Consumption
The use of goods and services by households, constituting one of the primary components of aggregate demand in an economy.
Great Depression
A severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
Permanent Income Hypothesis
A theory suggesting that an individual's consumption at a point in time is determined by their expected lifetime income, not just their current income.
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