Examlex
For each of the following documents,describe its purpose,the functional area preparing it,and the key data included: sales order,bill of lading,credit memo.
Perfect Substitutes
Goods for which consumers are willing to replace one for the other at a constant rate, without affecting their level of utility.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.
Income Effect
The effect of modifications in earnings for a person or the economy on how much of a good or service is sought after.
Income Tax
A tax levied by governments on individuals or entities based on their income or profits.
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