Examlex
When personal interaction isn't physically possible, real- time collaboration software may be a better communication choice than sending an e- mail and waiting for a response.
Price Change
An alteration in the cost of goods or services in the market.
Income
The amount of money received by an individual or entity, usually in exchange for labor or services, or through returns on investments.
Utility Function
A mathematical representation in economics that quantifies the satisfaction or happiness derived by a consumer from consuming goods and services.
Substitution Effect
The economic principle that as the price of a good rises, consumers will replace it with cheaper alternatives.
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