Examlex
Compare the goals of Spanish and Portuguese colonization.How did these goals affect these nations' imperial institutions?
Income Effect
The change in consumption that results from a change in real income or purchasing power.
Demand Function
A mathematical model that describes the quantity of a good or service demanded at various prices, holding other factors constant.
Substitution Effect
The substitution effect is a concept in economics that describes how consumers change their consumption patterns in response to changes in the prices of goods, opting for cheaper alternatives when prices increase.
Income
Money received, especially on a regular basis, for work, through investments, or from any other source.
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