Examlex
Taking a folic acid supplement around the time of conception reduces the risk of
Income Effect
The change in an individual's or economy's income and how that change affects the quantity demanded of a good or service.
Substitution Effect
The substitution effect occurs when consumers replace pricier items with less expensive alternatives as prices rise.
Economic Rent
The payment to an owner or factor of production in excess of the costs needed to bring that factor into production, essentially a surplus amount.
High Wages
Payment levels to employees that are above the industry average, often due to high skill levels, efficiency, or labor market conditions.
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