Examlex
Records Management System is a system that allows the collection & storage of:
Price Change
An alteration in the cost of a good or service, which can affect demand and supply dynamics in the market.
Substitution Effect
The change in consumption patterns due to a change in the prices of goods, leading consumers to replace more expensive items with cheaper alternatives.
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Opportunity Cost
The lost potential gain from other alternatives when one alternative is chosen.