Examlex
Is fiscal policy more or less effective in manipulating aggregate demand in an open economy?
Engel Curve
A graphical representation that shows how household spending on a particular good or service varies with income.
Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded, typically downward sloping.
Giffen Good
A type of inferior good for which demand increases as its price increases, contrary to the typical law of demand.
Slutsky Substitution Effect
A concept in economics that describes how a change in the price of a good affects consumption patterns, separating the effect into income and substitution effects.
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