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Create a chart outlining the evolution of modes of transportation over the past 200 years.Has the tourism
industry seen stagnation in the creation of new methods of travel? If so,how can the industry continue in a growth pattern? Discuss.
Price Sensitive
Being price sensitive means the demand for a product or service is highly influenced by changes in its price, where consumers may alter their buying habits significantly in response to pricing adjustments.
More Inelastic
A description of a product or service demand that is less sensitive to price changes compared to others.
Complement Good
A product that is typically consumed together with another product, increasing the demand for both.
Substitute Good
A product or service that a consumer can use in place of another product or service.
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