Examlex
Define and describe the differences between structural and infrastructural elements of a business.
Substitution
The economic principle where consumers replace more expensive items with less costly alternatives.
Indifference Curve
A graphical representation of different combinations of two goods or services among which a consumer is indifferent, showing preferences of consumption.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, opposite to the behavior observed with normal goods.
Normal Good
A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases, all else being constant.
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