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A land developer and several ecologists are discussing how a parcel of private land should be developed while saving twenty hectares as natural habitat.The land developer suggests that the twenty hectares be divided into twenty separate one-hectare areas.The ecologists suggest that it would be better to have one intact parcel of twenty hectares.What is the significance of these different arrangements of the twenty hectares?
Minimum Wage
The lowest remuneration that employers can legally pay their workers—the rate may be set by national government or by a state or local government.
Substitution Effect
The change in consumption patterns due to a change in the prices of goods, leading consumers to replace more expensive items with less costly alternatives.
Income Effect
A change in the consumption patterns of individuals arising from a change in their real income, due to shifts in prices or income levels.
Unskilled Workers
Workers who have no specific training or specialized skills and usually perform simple tasks that require limited education.
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