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If a country experienced deflation, then
White-collar Employment
Jobs that typically involve professional, managerial, or administrative work, often in an office setting, as opposed to blue-collar jobs that involve manual labor.
Substitution Effect
The change in demand for a good due to a change in its price, leading consumers to substitute it with another product.
Output Effect
When the price of any resource rises, the cost of production rises, which, in turn, lowers the supply of the final product. When supply falls, price rises, consequently reducing output.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a factor of production, holding all other factors constant.
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