Question
Demand by households is often affected by fluctuation in the economy and income. Think of the relationship between income and demand! What are normal goods?
Demand by households is often affected by fluctuation in the economy and income. Think of the relationship between income and demand!
What are "normal" goods? What is an example in our current economy?
What are "inferior" goods? What is an example in our current economy?
Do you think luxury goods have more elastic or inelastic demand?
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The World Economy Geography, Business, Development
Authors: Frederick P. Stutz, Barney Warf
6th edition
321722508, 321722507, 978-0321722508
