Examlex
List and elaborate upon the five principles of the heritage left by the Classical School.
Cross Elasticity
The extent to which the demand for a certain good alters in response to price changes of another good.
Substitutes
Goods or services that can be used in place of each other, where an increase in the price of one leads to an increased demand for the other.
Income Elasticity
A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.
Demand Inelastic
When the quantity demanded of a good or service is relatively unchanged in response to price changes.
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