Examlex
To what was French historian Alexis de Tocqueville referring when he wrote,"it is possible to foresee that the freer the whites in America are,the more they will seek to isolate themselves"?
Giffen Good
A type of good for which demand increases as its price increases, contradicting the basic laws of demand in economics due to the impact of strong income effects.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.
Labor Supply Curve
A graphical representation showing the relationship between the wages offered and the quantity of labor workers are willing to supply.
Backward-Bending
A term often used in labor economics to describe the supply curve of labor, which can bend backwards at higher wage levels, indicating that higher wages can lead to a decrease in labor supply.
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