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Bart Broekelman recently returned from Afghanistan where he was a member of the highly skilled special operations forces. He is now back home in the United States where he uses the G.I. Bill in order to go to school. This is one example of
Additional Unit
An incremental quantity of a product or service, typically considered in the context of production or consumption.
Substitution Effect
The change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods.
Income Effect
The alteration in the consumption habits of a person or an economy due to a variation in actual income.
Inferior Good
A type of good for which demand decreases when income increases, and vice versa, unlike normal goods where demand increases with an increase in income.
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