Income elasticity of demand - chapter 8 (key terms)
0.0(0)
Studied by 0 people
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/3
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
4 Terms
1
New cards
Discretionary expenditure
Non-essential spending or spending that is not automatic
2
New cards
Income elastic demand
The percentage change in demand for a product is proportionately greater than the percentage change in income
3
New cards
Income elasticity of demand
The responsiveness of demand to a change in income
4
New cards
Income inelastic demand
Where the percentage change in demand is proportionately less than the percentage change in income
Note 
Flashcards (142)