Examlex
Which type of imagery is easiest to form?
Essential Goods
Products that are necessary for basic living and well-being, often unchanged by changes in income.
Nonessential Goods
Products and services considered as non-critical for survival or basic living standards.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper ones.
Relative Price
Relative Price is the price of one good or service compared to another, usually reflecting its value in terms of another item rather than its absolute price in currency.
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