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Identify/define and explain the significance of the following: Taiping Rebellion.
Consumption
The use of goods and services by households. It is a primary component of an economy's demand side.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting its sensitivity.
Tax Revenue
The income that is gained by governments through taxation.
Inelastic Demand
A situation where the demand for a product does not significantly change with a change in its price.
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