Examlex
If for good Z income elasticity is greater than 1, then demand for good Z is income __________, and good Z is a(n) __________ good.
Capitalist System
An economic system based on private ownership of the means of production and the creation of goods or services for profit.
Own Labor
A concept referring to the work performed by an individual that directly benefits themselves, typically not for an employer or for wages.
Commodities
Goods or services that are traded, bought, or sold.
Economy
A system of production, consumption, and distribution of goods and services within a society or geographical area.
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