Examlex
The issue of runaway slaves was important to most southerners because
Income Elasticity Coefficient
A measure indicating how much the quantity demanded of a good responds to change in consumer income.
Recessions
Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.
Income Elasticity
A measure of how much the demand for a product or service changes in response to changes in consumer income.
Inferior Good
A type of good for which demand decreases as the income of individuals increases, opposite to normal goods.
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