The income effect is far more powerful than the substitution effect.

收入效应远远比替代效应强大。

youdao

The consumption effect of the interest rise depends on the substitution effect and the income effect.

利率上升的消费效用取决于利率上升的替代效应和收入效应的作用之和。

youdao

When the wealth effect is smaller than the substitution effect, the stock price negatively correlated with inflation.

当财富效应小于替代效应时，股价与通货膨胀负相关。

youdao

With loans and other forms of finance, the substitution effect has long been the rule.

FORBES

Well, we had the chance to shrink banks by virtue of letting the substitution effect take place whereby institutions outside of finance would take their place.

FORBES

However, the double substitution had its desired effect as both men pressed forward, pressurising South Korea's defence for the first time in the match.

BBC: South Korea 2-0 Greece