Economics Dictionary of ArgumentsHome
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| Substitution Problem - Economics Dictionary of Arguments | |||
| Substitution problem: The substitution problem in economics refers to the challenge of accurately measuring changes in consumer behavior when prices shift. It arises from the assumption that consumers will substitute a cheaper product for a more expensive one, impacting the calculation of price changes' true effect on overall consumption patterns, known as the substitution effect._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
| Author | Item | More concepts for author | |
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| Economic Theories | Substitution Problem | Economic Theories | |
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Ed. Martin Schulz, access date 2024-04-18 | |||
