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Where did the first urban areas emerge? Why did they first emerge in these geographical areas?
Income Elasticity of Demand
An indicator showing the responsiveness of the amount of a product that customers want to buy to variations in their income levels.
Inferior Goods
Products whose demand decreases as the income of the consumer increases, often because consumers opt for higher quality alternatives when they can afford them.
Southwest Airlines
An American low-cost airline known for its unique business model and customer service approach.
New Markets
Market segments or geographical areas that were previously unexplored or underexploited by a business or industry.
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