Examlex
Which of the following commodities helped Britain erase the tea-caused trade deficit with China during the 1800s?
Income Effect
A phenomenon where changes in an individual's income lead to changes in the quantity demanded of a good or service.
Substitution Effect
The economic principle that as the price of a good increases, consumers will replace it with less expensive alternatives.
Normal Good
A product that sees an increase in demand as people's incomes increase, and a decrease in demand when their incomes decrease.
Housing
Refers to the provision and availability of homes and buildings for habitation by individuals and families.
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