Identify and Give the Historical Significance of Each of the Following

question 78

Essay

Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-Civil War in memory

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Definitions:

Income Elasticity

An assessment of the variation in consumer demand for a product or service based on fluctuations in the consumer's income.

Consumer Income

The total income that consumers have available to spend on goods and services, after taxes and other deductions.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases as consumer income falls.

Income Elasticity

A measure of how the demand for a good or service changes in response to changes in consumers' income.