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After the devastating tsunami of December 2004, dozens of Scientologists mobilized to effected regions of south Asia to join in the relief effort. Instead of traditional medical aid, however, these pseudo scientists provided pamphlets along with "touch assist" treatment in which they touch wounded areas with a fingertip. What might the victims have thought about the efforts of the Scientologists?
Demand Curve
A graphical representation in economics that shows the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at varying price levels.
Homothetic Preferences
A consumer preference structure in which utility functions display constant returns to scale, meaning relative consumption patterns do not change as income levels change.
Substitution Effect
The change in consumption patterns due to a change in relative prices of goods, leading individuals to substitute cheaper goods for more expensive ones.
Compensated Demand Function
A demand function that adjusts for changes in income to show how quantities demanded by consumers change in response to a price change while keeping utility constant.
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