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Explain the concept of voluntary simplicity,and then discuss why this movement faces unique challenges.What could be done to strengthen this movement?
Cross Elasticity
A measure of how the demand for one good responds to a change in the price of another good.
Normal Good
A good for which demand increases as the income of consumers increases, and falls when consumer income decreases.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.
Income Elasticity
A measure that quantifies the responsiveness of the demand for a good or service to a change in income of the people demanding the good.
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