Income of Elasticity

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Discretionary Expenditure
non-essential spending or spending that is not automatic
1 of 5
Income elastic demand
the percentage change in demand for a product is proportionately greater than the percentage change in income
2 of 5
Income elasticity of demand
the responsiveness of demand to a change in income
3 of 5
Income inelastic demand
there the percentage change in demand is proportionately less than the percentage change in income
4 of 5
Product Switching
manufactures have flexible resources and can switch from the production of one good to another
5 of 5

Other cards in this set

Card 2

Front

the percentage change in demand for a product is proportionately greater than the percentage change in income

Back

Income elastic demand

Card 3

Front

the responsiveness of demand to a change in income

Back

Preview of the back of card 3

Card 4

Front

there the percentage change in demand is proportionately less than the percentage change in income

Back

Preview of the back of card 4

Card 5

Front

manufactures have flexible resources and can switch from the production of one good to another

Back

Preview of the back of card 5

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