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Technological Progress
The improvement or development in technology which increases productivity and can lead to economic growth and improved living standards.
Backward-Bending
This term describes a situation where, beyond a certain point, higher wages actually lead to a decrease in labor supply because workers prefer leisure over additional work.
Substitution Effect
The economic principle that as the price of one good increases, consumers will replace it with a similar, less expensive good, influencing demand patterns.
Income Effect
The effect of income variations in individuals or economies on the demand levels for goods and services.
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