Income effect

Income effect

A change in the demand for a good or service caused by a change in the income of consumers rather than, say, a change in consumer tastes. Contrast with substitution effect.

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Part of Speech: noun
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Industry/Domain: Economy
Category: Economics
Company: The Economist
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Related terms

income effect

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A change in the demand for a good or service caused by a change in the income of consumers rather than, say, a change in consumer tastes. Contrast with substitution effect.

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