Examlex
Discuss how psychologists have explained racism and the shortcomings of these explanations. How do sociologists explain racism?
Income Effects
The changes in an individual's or economy's income and how that changes their spending and saving behavior.
Substitution Effects
The change in consumption patterns due to a change in the relative prices of goods.
Normal Goods
Goods for which demand goes up when income is higher and for which demand goes down when income is lower.
Wage Rate
The standard amount of pay given to an employee for services rendered, typically expressed on a per hour basis.
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