Examlex
Discuss age-related changes in intelligence, and its possible causes
Inferior Good
A type of good for which demand decreases as the income of consumers increases, opposite to normal goods.
Income Elasticity
A measure of how much the demand for a good or service changes with a change in consumers' income, indicating the nature of the good as either a necessity or a luxury.
Hybrid Cars
Vehicles powered by a combination of an internal combustion engine and one or more electric motors, using less fuel than conventional cars.
Normal Good
A type of good for which demand increases as the income of the consumer increases, showing a direct relationship between income and demand.
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