Examlex
Which Greek philosopher is correctly matched with a key idea?
GDP
Gross Domestic Product refers to the sum total of all monetary values of final goods and services produced within the geographical confines of a country during a given time frame.
Income Effect
The change in an individual’s or economy’s income and how that change will affect the quantity demanded of a good or service.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with less expensive ones.
Interest-Rate Increase
A rise in the cost of borrowing money, reflected in a higher percentage charged on loans and credits.
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