Examlex
Write True or False to the statements below.If the statement is false, rewrite the underlined word or phrase to make the statement true.
-Political problems are usually more responsible for food shortages and famines than are natural events, such as droughts and flooding.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute cheaper goods for more expensive ones.
Wage Decrease
A reduction in the pay rate of a worker or a group of workers.
Labor Supply
The total hours that workers are willing and available to work at a given wage rate, within a specific labor market.
Leisure
The time available for ease and relaxation when no work is done.
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