Examlex
If a toddler refuses to eat nutritious food,they should be compelled to do so in order to meet their energy needs.
Income Effect
The impact of income changes on the demand for goods or services by an individual or within the economy.
Substitution Effect
Describes how consumers react to a change in the price of a good by substituting it with another good that is relatively cheaper.
Income Effect
The income effect refers to the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another more or less expensive.
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