Examlex
The nurse needs to assess a patient's ability to perform activities of daily living and should choose which tool for this assessment?
Income Elasticity
A measure of how much the demand for a product or service changes in response to changes in consumer income.
Inferior Good
A type of good for which demand decreases as the income of individuals increases, opposite to normal goods.
Normal Good
A good for which demand increases when income increases, and falls when income decreases but price remains constant, showing a direct relationship between income and demand.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in consumers' income levels.
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