Examlex
What process in Earth's core is important in the generation of Earth's magnetic field?
Giffen Good
The hypothetical inferior good for which the income effect outweighs the substitution effect and the demand curve slopes upward.
Income Effect
The dynamics of income change in a person or an economy, and its role in altering the demand pattern for goods and services.
Substitution Effect
The change in consumption patterns due to a change in relative prices, prompting consumers to substitute a product that has become relatively cheaper for one that has become relatively more expensive.
Marginal Rate
A rate that indicates the change in a variable (such as cost, revenue, or tax) as its underlying factor changes incrementally.
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