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User:Jukeboksi/BBA studies/Economics
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=== Chapter 6 === *A [[w:budget constraint]] represents the combinations of goods and services that a consumer can purchase given current prices with his or her income. ( Wikipedia ) *A [[w:Giffen good]] ( [[w:fi:Investointi]] ) is one which people paradoxically consume more of as the price rises, violating the law of demand. In normal situations, as the price of a good rises, the substitution effect causes consumers to purchase less of it and more of substitute goods. In the Giffen good situation, the income effect dominates, leading people to buy more of the good, even as its price rises. ( Wikipedia ) * In economics and business, a [[w:network effect]] ( [[w:fi:Verkostovaikutus]] ) (also called '''network externality''' or demand-side economies of scale) is the effect that one user of a good or service has on the value of that product to other people. * [[w:Path dependence]] ( [[w:fi:Polkuriippuvuus]] ) explains how the set of decisions one faces for any given circumstance is limited by the decisions one has made in the past, even though past circumstances may no longer be relevant. ( Wikipedia ) * [[w:Sunk cost]]s are retrospective (past) costs that have already been incurred and cannot be recovered. ( Wikipedia )
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