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A burn that involves destruction of the skin and underlying tissue is termed
Income Effect
The dynamics of income change in a person or an economy, and its role in altering the demand pattern for goods and services.
Substitution Effect
The change in consumption patterns due to a change in relative prices, prompting consumers to substitute a product that has become relatively cheaper for one that has become relatively more expensive.
Marginal Rate
A rate that indicates the change in a variable (such as cost, revenue, or tax) as its underlying factor changes incrementally.
Substitution
The action of replacing one good or service with another based on changes in relative prices, incomes, or preferences.