Examlex
Briefly explain what is meant by a means-end chain.
Income Effect
How an individual's or economic income shift influences the demand for goods or services.
Substitution Effect
The substitution effect describes the change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another.
Higher Wage
The increased remuneration or salary received by an employee, often as a result of promotions, market adjustments, or successful salary negotiations.
Labor for Leisure
The trade-off between working hours for income and spending time on relaxation or enjoyment activities.
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