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For many of the working poor,medical insurance is out of the question.Approximately million people in the United States were without health insurance coverage in 2011.
Real Purchasing Power
The amount of goods and services that can be purchased with a unit of currency, taking into account changes in prices due to inflation or deflation.
Income Effect
The change in an individual's consumption choices resulting from a change in real income, due to price changes or income changes.
Substitution Effect
The change in consumption patterns due to a change in relative prices, causing consumers to replace pricier items with more affordable substitutes.
Substitution Effect
The change in consumption patterns due to a change in relative prices, causing consumers to substitute away from more expensive items to cheaper alternatives.
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