Examlex
Psychologists who support the idea that behavior is influenced by both enduring personal characteristics and the current situation
Income Effect
The change in consumer demand for goods and services induced by a change in income, affecting the purchasing power of the consumer.
Substitution Effect
The change in consumption patterns due to a change in relative prices, prompting consumers to substitute one good for another.
Giffen Good
A rare type of good whose demand increases as its price increases, violating the basic law of demand, typically due to the absence of close substitutes.
Historic Preservation Easement
A voluntary agreement that allows a property owner to legally restrict future changes to a historic property to preserve its heritage.
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