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Briefly describe Maslow's hierarchy of needs theory.
Elasticity Positive
Positive elasticity indicates that when the price of a good or service increases, the quantity demanded increases, or vice versa, showing a direct relationship between price and demand.
Income Elasticity
The responsiveness of the demand for a good to a change in an individual’s income.
Normal Good
A type of good for which demand increases as the income of the consumer increases, showing a positive correlation between income and demand.
Cross-price Elasticity
A measure of how the demand for one product changes in response to a price change of another product, indicating substitutes or complements.
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