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How do personal biographies interact with structural, cultural, and historical factors?
Giffen Goods
A type of product that paradoxically experiences increased demand as its price rises, seemingly contrary to the basic law of demand due to the effect on consumption of essential goods.
Inferior Goods
Products whose demand decreases as the income of consumers increases, due to the preference for higher-quality substitutes.
Income Effect
The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Optimal Choice
The best possible decision or selection, based on a specific set of criteria, that maximizes efficiency, benefit, or utility.
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