Examlex
MATCHING
-Nathaniel Bacon
Substitutes
Products or services that can serve as replacements for each other, satisfying the same customer need or want.
Price Elasticity
A calculation that expresses how demand for a certain product varies in reaction to its pricing shifts.
Luxury
Products or services viewed as luxurious and not necessary, frequently linked with premium quality and a high cost.
Necessity
A good or service that is essential for survival and basic well-being, often implying inelastic demand with respect to price changes.
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