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What was the central purpose of the sophisticated writing systems used by each of major river valley civilizations in Egypt,China,the Indus river valley,and Mesopotamia? How can these writings illuminate the economies,religious traditions and internal politics of each society?
Price Elasticity
A measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price.
Supply
The total quantity of a product or service that is available for purchase at a given price and time.
Elastic Supply
A situation where the quantity supplied of a good or service changes significantly when its price changes.
Normal Good
A good that has a positive income elasticity, so that as consumer income rises, demand for the good rises, too.
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