Examlex
Clifford Shaw and Henry McKay's work identified linkages between crime rates and various zones within urban centres. Which zones did Shaw and McKay identify as having the highest crime rates?
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute more expensive items with cheaper alternatives.
Income Effect
The link between alterations in income for a person or the economy and the subsequent shift in demanded quantity of a product or service.
Indifference Curves
A graphical representation of different combinations of two goods or services that give a consumer equal satisfaction and utility.
Downsloping
Describing a curve or trend that decreases in value as it moves rightward on a graph, typically referring to demand curves where price and quantity demanded are inversely related.
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