Examlex
With presumptive sentencing grids, judges are obligated to use guidelines from which they may not deviate without providing written reasons as to why they have chosen to do so.
Substitution Effect
The economic understanding that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.
Income Effect
The Income Effect 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.
Substitution Effect
the component of the total effect of a price change on consumption that results from the consumer substituting the good that has become relatively cheaper for the good that has become relatively more expensive.
Leisure Time
Leisure time is the period when one is not engaged in work or other obligations, available for relaxation, hobbies, and personal activities.
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