Examlex
The notation 1:N shows a relationship's maximum cardinalities.
Normal Goods
Goods for which demand increases as the income of the buyer increases, and vice versa.
Price Rises
An increase in the cost of goods or services, often due to factors like inflation, supply and demand imbalances, or production costs.
Income Effects
Changes in consumers' purchasing patterns resulting from a change in their income, influencing how they allocate their spending across different goods and services.
Substitution Effects
The change in the consumption pattern of goods due to a change in their relative price, leading consumers to substitute one good for another.
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