Examlex

Solved

Define Attitude and Prejudice, and Describe the Three Basic Components

question 59

Essay

Define attitude and prejudice, and describe the three basic components of an attitude, using them to differentiate between a stereotype and discrimination. State why "positive prejudice" is harmful to members of a group.


Definitions:

Substitution Effect

The change in consumption that results from a change in the price of one good relative to the prices of other goods, holding utility constant.

Income Effect

The change in consumption that results from a change in real income or purchasing power.

Demand Function

A mathematical model that describes the quantity of a good or service demanded at various prices, holding other factors constant.

Substitution Effect

The substitution effect is a concept in economics that describes how consumers change their consumption patterns in response to changes in the prices of goods, opting for cheaper alternatives when prices increase.

Related Questions