Income Elasticity of Demand ( IEOD )=
(% change in Quantity Demanded) / (% change in income)
When IEOD > 1 then products are luxurious
When 0 < IEOD < 1 then products are necessities of life
When IEOD < 0 then products are inferior.
the definition of labor and economic
Entrepreneurs economic aspects
shoddy, low quality, inferior, second-rate
demand rice elastic
no answer
angel-queen@live.frif you no the answer to this question: what is the definition of Economic continuum email me at dolphinman@live.ca
By definition, apex is the lowermost and outermost portion of the heart. So it has to be inferior.
The definition of economic development is the process in which an economy grows or changes and becomes more advanced, especially when both economic and social conditions are improved.
The definition of economic gain is opportunity costs that are deducted from revenues earned. Economic gains are good as it means a country is growing financially and economically.
yo moma !
One can find the definition of economic recovery at Wikipedia. Economic recovery is a period of increasing business activity that signals the end of a recession. Therefore economic recovery is when economic growth turns from negative to positive.
yo moma !