Examlex
What made certain Phoenician textiles unique?
Substitutability
The degree to which one good or service can be replaced by another in consumption or production, often influencing competition and pricing in markets.
Elasticity of Supply
A measure of how much the quantity supplied of a good or service changes in response to a change in price.
Factor of Production
Inputs used in the production of goods or services, typically categorized into land, labor, capital, and entrepreneurship.
Cross Elasticity of Demand
The ratio of the percentage change in quantity demanded of one good to the percentage change in the price of some other good. A positive coefficient indicates the two products are substitute goods; a negative coefficient indicates they are complementary goods.