Examlex
The Japanese invented and implemented quality control techniques prior to World War II.
Real Wages
wages that have been adjusted for inflation, representing the actual purchasing power of income.
Contract
A legally binding agreement between two or more parties that is enforceable by law.
Income Effect
The variation in a person's or economy's earnings and its impact on the demand levels for a particular product or service.
Substitution Effect
Describes the change in the consumption of goods as a result of changes in their relative prices, holding the consumer's level of utility constant.
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