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Instructions: Identify the terms and briefly state their historical significance..
Chandragupta I and Chandragupta II
Income Effect
Variations in the income levels of individuals or economies and the resultant effects on the demand for goods or services.
Substitution Effect
The economic understanding that as prices rise or incomes decrease consumers will replace more expensive items with less costly alternatives.
Hourly Wages
The amount of earnings paid to an employee for each hour worked.
Fringe Benefits
Additional benefits, beyond a salary, offered to employees, such as health insurance, retirement plans, and paid time off.
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