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Price-Inelastic Demand
A situation where the demand for a good or service is relatively unaffected by changes in its price.
Household Budget
a financial plan that allocates future personal income towards expenses, savings, and debt repayment.
Market Changes
Alterations or shifts in the conditions of a market, which can include changes in consumer preferences, technological advancements, or variations in supply and demand.
Necessity
A good or service that is essential for survival and basic quality of life, such as food and shelter.
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