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A PHN is currently working in a community with a high poverty rate as part of a team to help address the increasing prevalence of serious mental illness especially among adolescents. During a team meeting, the members of the community begin talking about the need to engage more stakeholders including government agencies, grass roots groups, nonprofits, and businesses. Invitations are extended, and many of these stakeholders agree to send representatives who will work in tandem with the team during their planning phase. This interrelationship is called:
Substitution Effect
The alteration in purchasing behavior caused by variations in the relative costs of products, prompting buyers to opt for less expensive alternatives over pricier ones.
Price Change
An adjustment in the cost of a good or service in the market, which can be an increase or decrease due to various factors.
Income
The remuneration accrued, notably in a recurrent manner, from labor or the investment of resources.
Substitution Effect
The economic principle that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.
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