Examlex
Which great power failed to ratify two-thirds of the UN's major global environmental agreements?
Normal Good
A type of good for which demand increases as the income of individuals or the economy grows.
Substitution Effect
The substitution effect occurs when consumers replace more expensive items with less costly alternatives.
Income Effect
A change in the quantity demanded of a good or service as a result of a change in real income (purchasing power).
Inferior Good
A type of good for which demand declines as the income of individuals or the economy increases, opposite to normal goods.
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