Examlex
Why do authoritarian regimes sometimes create some form of election?
Inelastic Demand
A situation where the quantity demanded of a good or service changes very little when its price changes.
Luxury
Goods or services that are considered superior in quality and are often expensive, catering to a more affluent consumer base.
Necessity
A good or service that is considered essential for survival, such as food, shelter, and healthcare.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in consumers' income.
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