Income Effect: The income effect refers to how changes in consumer income impact their purchasing power and consequently affect their demand for goods or services.
Substitutes: Substitutes are alternative goods that can be used in place of each other. When the price of one substitute increases, it may lead to an increase in demand for its substitute.
Complements: Complements are goods that are typically consumed together. An increase in the price of one complement may result in a decrease in demand for both products.