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Describe the process of appointing judges to the federal courts. Explain how the process is fraught with partisan bickering.
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.
Substitution Effect
The change in quantity demanded resulting from a change in the price of a good, making other goods more or less expensive relative.
Saving
The process of setting aside a portion of current income for future use or investment.
Capital Income
Income generated through investments, such as dividends from stocks, interest from bonds, or rent from real estate, as opposed to earned income from labor.
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