Examlex
Which of the following is a closed system of stratification in which social position is determined by the family into which a person is born, and change in that position is usually not possible during an individual's lifetime?
Price Decreases
Price decreases occur when the cost of goods or services goes down, often due to factors like increased competition, lower demand, or decreases in production costs.
Income Effect
The effect of changes in either individual or economic income on the demand levels for goods or services.
Inferior Good
A type of good whose demand decreases as consumer income rises, meaning it is often replaced by more desirable goods as financial circumstances improve.
Normal Good
A type of good for which demand increases as the income of individuals rises, holding all other factors constant.
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