Examlex
Explain why global warming has precipitated competition among nations for control of the Arctic.
Substitution Effect
The change in consumption patterns due to a shift in the relative prices of goods, leading consumers to substitute one good for another.
Input Price
The cost of resources (labor, materials, etc.) used in the production of goods or services.
Complementary
Goods or services that are often used together, such that the increase in consumption of one leads to an increase in the consumption of the other.
Demand for Labor
The total amount of workers that employers are willing and able to hire at a given wage rate within a certain period.
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