Please Define the Following Key Terms

question 28

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Tony Blair

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Definitions:

Price Elasticity of Demand

Gauging the sensitivity of the amount of a product consumers want to buy when its price changes.

Uniqueness

Refers to the quality of being the only one of its kind; distinctiveness.

Consumer's Budget

is the total amount of income available to an individual or household to spend on goods and services or to save, after taxes.

Elastic Demand

A situation where the quantity demanded of a product changes significantly in response to changes in the product's price.