Examlex
____________________ is the rapid, irregular, and useless contractions of the ventricles.
Income Effect
The alteration in a person's or an economy's earnings and the effect of this alteration on the demand for a specific product or service.
Substitution Effect
The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.
Real Wages
Real wages refer to the purchasing power of wages, taking into account inflation, showing the quantity of goods and services that can be bought.
Legal Minimum Wage
The lowest hourly, daily, or monthly remuneration that employers are legally allowed to pay workers.
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