Both these two terms are slight difference but interchangeably used in Economics, Sociology, and Developmental studies etc.
The term Effect has influenced in terms of either Positive effect or Negative effect in the given variable(s).
The term affect which exploits the given variable(s) Positively significant or Negatively significant the incremental changes of the unit of items in the measurements.
Sometimes both have similar meanings but they different significant difference in terms of the Inferential statistical measurements.
Mostly using interchangeably with same and different meanings.