Examlex
How can cultural differences impact on a written message? Give examples.
Income Effect
The change in an individual's consumption choices resulting from a change in real income, due to price changes or income changes.
Substitution Effect
The change in consumption patterns due to a change in relative prices, causing consumers to replace pricier items with more affordable substitutes.
Substitution Effect
The change in consumption patterns due to a change in relative prices, causing consumers to substitute away from more expensive items to cheaper alternatives.
Income Effect
The modification of income for someone or within an economy, and its subsequent impact on how much of a good or service is sought after.
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