Examlex
The marginal propensity to consume plus the marginal propensity to save
Substitution Effect
The change in demand for a good or service caused by a change in its price, making consumers substitute it with another good or service.
Income Effect
The shift in income levels for either a person or the economy and its influence on the demand for specific goods or services.
Labor Supply
Refers to the total hours that workers are willing and able to work at a given wage rate.
Marginal Utility
The additional pleasure or advantage gained from consuming one further unit of a particular product or service.
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