Examlex
__________ refers to the notion that persons performing jobs of similar importance should be paid at comparable levels.
Giffin Good
A type of good for which demand increases as its price increases, contrary to the typical law of demand.
Income Effect
The influence of income adjustments on the demand for goods or services, whether in an individual's finances or within an economy.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading to consumers replacing more expensive items with less costly alternatives.
Diminishing Marginal Utility
The principle that as more of a good or service is consumed, the additional satisfaction or utility gained from consuming an additional unit declines.
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