Examlex
What are the main determinants of demand elasticity? Explain their importance.
Intermediate Good
A product used as an input in the production of a final good or service.
GDP
Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period.
Real GDP
Gross Domestic Product adjusted for inflation, which measures the value of goods and services produced by a country in a year in real terms.
Standard of Living
The measure of affluence, luxury, tangible assets, and vital provisions offered to a chosen demographic or geographical zone.
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