Economic Resource Substitution Effect
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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.
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 …