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Research questions about the time course of cognition are better addressed using methods like , whereas questions about the anatomy of cognition are better addressed using methods like
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Income Effect
The change in an individual's consumption choices resulting from a change in their real income.
Substitution Effect
The economic understanding that as prices rise (or incomes decrease), consumers will replace more expensive items with less costly alternatives.
Inferior Good
A type of good for which demand decreases when the income of the consumer increases, inversely related to normal goods.
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.
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