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In one hour,George can fix 4 flat tires or type 200 words.His opportunity cost of fixing a flat tire is
Uniqueness
Refers to the quality of being the only one of its kind; distinctiveness.
Consumer's Budget
is the total amount of income available to an individual or household to spend on goods and services or to save, after taxes.
Elastic Demand
A situation where the quantity demanded of a product changes significantly in response to changes in the product's price.
Inelastic Demand
Refers to a situation where the quantity demanded of a good or service does not significantly change when its price changes.
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