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What is total fertility rate (TFR)? How do programs such as social security, pension plans, and Medicare affect TFR?
Income Effect
The alteration in income for a person or the economy and the resulting influence on the demand for a certain good or service.
Substitution Effect
The economic principle indicating how consumers react to a change in price by substituting a more expensive item with a cheaper alternative.
Price
The total money demanded to secure a good or service.
Delphiniums
A genus of flowering plants known for their tall spikes of colorful flowers, often used in gardens and floral arrangements.
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