Theme 1.2.5 Flashcards by Ella Cochran | Brainscape

Q

discretionary expenditure

A

non-essential spending or spending that is not automatic

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

income elastic demand

A

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

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

income elasticity of demand

A

the responsiveness of demand to a change in income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

income elastic demand

A

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

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

A

How well did you know this?

1

Not at all

2

3

4

5

Perfectly