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Use graphs to demonstrate the income elasticity of: A. Steaks, B. Hamburgers, and C. Ramen noodles. What is the economic significance of this for US agriculture? Explain.
GDP
Gross Domestic Product, the total market value of all final goods and services produced within a country in a given period of time.
Balance Of Trade
The difference between a country's exports and imports of goods and services, indicating whether a country has a trade surplus or deficit over a specific period.
Trade Deficit
A situation where the value of a country's imports exceeds the value of its exports.
Exports
Goods or services sold by a country to buyers in another country.
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