Key Terms Instructions: Please Define the Following Key Terms

question 73

Short Answer

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
proletariat

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Definitions:

Consumer Demand

The desire and willingness of consumers to purchase goods and services at various price points.

Your Gut

Colloquial term referring to an individual's instinctive reaction or initial feelings about a decision or situation, often sans empirical evidence.

Inelastic Product

A product or service whose demand does not significantly change with variations in its price.

Substitutes

Products or services that can be used in place of another to satisfy consumer needs or desires.