Examlex
How do intelligence test correlations between people with different family relationships help us sort out the contributions of heredity and environment in determining intelligence?
Substitutes
Goods or services that can replace each other in usage, offering alternative choices to consumers.
Complements
Goods or services that are used together, where the use of one increases the demand for the other.
Income Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.
Inferior Good
An inferior good is a type of good whose demand decreases when consumer income rises, unlike normal goods, where demand increases with rising consumer income.
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