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Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another more or less expensive good.
Income Effect
The change in an individual's or an economy's consumption resulting from a change in real income.
Normal Good
A product whose demand increases as consumer income rises, indicating a direct relationship between income and demand for the good.
Income Effect
The change in an individual's or economy's consumption patterns resulting from a change in real income.
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