Examlex
Diversification strategies are becoming more popular as organizations are finding it easier to manage diverse business activities.
Income Effect
A change in the quantity demanded of a good or service as a result of a change in real income (purchasing power).
Inferior Good
A type of good for which demand declines as the income of individuals or the economy increases, opposite to normal goods.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute a cheaper good for a more expensive one.
Income Effect
The alteration in a person's or an economy's earnings and the effect this alteration has on the demand for a product or service.
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