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Effective demand refers to the desire for a good or service backed by the ability to pay for it. Examples include consumers purchasing smartphones, as they not only want the device but also have the financial means to buy one. Another example is a business investing in new machinery, reflecting both the desire for improved productivity and the available capital to make that investment. Lastly, a family deciding to buy a new home demonstrates effective demand, as they have both the desire for a larger living space and the financial resources to afford it.

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