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Explain How Technology ​Has Created Major Changes in the Gift-Giving

question 10

Essay

Explain how technology ​has created major changes in the gift-giving process.


Definitions:

Demand

The amount of a product or service that buyers are prepared and capable of buying at different price levels over a specified time frame.

Price Elastic

Price elasticity refers to the degree to which the quantity demanded of a good or service changes in response to a change in its price.

Availability of Substitutes

The presence of alternative products or services that can satisfy the same needs or wants as the original product.

Own Price Elasticity

Measures the responsiveness of the quantity demanded of a good to a change in its own price.

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