Examlex
What is a bank reconciliation and what is its importance?
Income Effect
It refers to the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Utility Maximizing
A concept in economics that refers to the idea that individuals choose to allocate their resources in a way that maximizes their utility or satisfaction.
Wage Increase
An upsurge in the rate of pay employees receive for their labor, typically expressed as a percentage increase over current wages.
Substitution Effect
The change in consumption patterns due to a price change, leading consumers to substitute one product for another.
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