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What is the significance of Protestantism in relation to political socialization?
Snob Effect
A phenomenon where the demand for a particular good increases as the price increases because the good is perceived as exclusive or high-status.
Pure Price Effect
The impact on consumer demand and behavior resulting solely from a change in the price of a good or service, with income and substitution effects considered separately.
Externality Effect
The impact of one person's actions on the well-being of a bystander, which may be positive or negative and not reflected in market prices.
Network Externality
Situation in which each individual’s demand depends on the purchases of other individuals.
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