Examlex
Substitution Effect
The change in demand for a good or service that occurs when its price increases or decreases, leading consumers to substitute it with other goods or services that are relatively more or less expensive.
Output Effect
The impact on the total production of goods and services in an economy resulting from changes in demand, supply, technology, or factors of production.
Factors of Production
The basic inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.
Complementary Resource
A good or service that is used together with another good or service to provide a benefit or function.
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