Examlex
The rise in scientific thought, the Age of Enlightenment, and the declining influence of religion in everyday life are associated with ________ revolution.
Efficiency Wages
A higher wage paid by employers to increase worker productivity and loyalty, reducing turnover and shirking.
Substitution Effect
The change in quantity demanded of a good due to a change in its price, causing consumers to substitute it with other similar goods.
Labor Supplied
Refers to the total hours that workers are willing and able to work at a given wage rate, in a given time period.
Income Effect
Describes how a change in an individual's income affects their purchasing decisions.
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