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INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.
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LAW A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for letters from the Internal Revenue Service.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Nearly all men can stand adversity; but if you want to test a manžs character, give him power. " -- Abraham Lincoln, 16th U.S. President
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AVC
Average Variable Cost
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