Egypt Is a Good Example of a Raw-Material-Exporting Economy

question 69

True/False

Egypt is a good example of a raw-material-exporting economy.

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Definitions:

Inelastic Demand

Refers to a situation where the demand for a product is relatively unresponsive to changes in price.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.

Good Substitutes

Products or services that can be used in place of each other, with consumers willing to switch from one to the other if the price or quality changes.

Necessity

Goods or services considered essential for basic human survival and well-being, such as food, water, and shelter.