Examlex
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.
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.
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