Economic Resource Substitution Effect

An Economic Resource Substitution Effect is an economic relationship where an economic resource because of a change in purchasing power.

• See: Winner-Takes-All, Economic Agent.

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References

2014

• http://www.investopedia.com/terms/s/substitution-effect.asp
  • The idea that as prices rise (or incomes decrease) consumers will replace more expensive items with less costly alternatives. Conversely, as the wealth of …

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