Examlex
Proper __________ depends on correctly analyzing the effect of each transaction and on maintaining a system of accounts that reflects that effect.
Income Effect
The change in an individual's or economy's consumption patterns due to a change in real income, reflecting how increases or decreases in income can affect buying habits.
Substitution Effect
The alteration in purchasing behavior caused by variations in the relative costs of products, prompting buyers to opt for less expensive alternatives over pricier ones.
Price Change
An adjustment in the cost of a good or service in the market, which can be an increase or decrease due to various factors.
Income
The remuneration accrued, notably in a recurrent manner, from labor or the investment of resources.
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