There Must Be Two Parties Involved in Every Cheque

question 29

True/False

There must be two parties involved in every cheque.

---

Definitions:

Income

Earnings received by individuals or entities, typically in the form of wages, salaries, rents, interest, or profits, available for spending or saving.

Substitution Effect

The shift in buying habits caused by a change in the relative costs of products, prompting consumers to substitute pricier options with more affordable ones.

Price Change

Price change refers to the variation in the cost of a good or service over time, which can be influenced by factors such as supply, demand, and inflation.

Budget Line

An illustration showing every possible mix of two products that can be acquired with a certain amount of money, assuming the prices are constant.