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Bill Gates would be considered an Elite in the United States.
Available Substitutes
Alternative products or services that consumers can use to satisfy the same needs or desires as the product or service in question.
Luxury Good
A product or service that is not essential but is highly desired and associated with wealth or high social status.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.
Bluegrass Albums
Collections or compilations of music that belong to the bluegrass genre, characterized by string instruments and roots in American folk music.
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