Examlex
Describe how balance of trade and balance of payments work and define both terms.
Price Elasticity
An indicator of the sensitivity of demand for a product to variations in its price.
Relatively Inelastic
Describes a demand characteristic where a change in price leads to a smaller proportionate change in quantity demanded.
Excise Tax
A tax levied on specific goods, services, or transactions, often imposed on items such as alcohol, tobacco, and gasoline.
Price-Elastic Demand
The characteristic of demand for a good indicating that a change in price results in a relatively larger change in the quantity demanded.
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