Explain Political Efficacy

question 22

Essay

Explain political efficacy.

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Definitions:

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in the consumer's income.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, opposite to normal goods.

Negative

In the context of economics, denotes a situation or indicator that reflects a decrease, deficit, or detrimental condition.

Inelastic Supply

A situation where the quantity supplied of a good or service is not significantly influenced by changes in price.