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What was the impact of automation on workers?
Income Elasticity of Demand
A measure of how much the quantity demanded of a good changes in response to a change in consumers' income.
Normal Good
A type of good for which demand increases as the income of consumers increases, showing a positive relationship between income and demand.
Sellers
Individuals or entities that offer goods or services for sale in the market.
Output
The total amount of goods or services produced by a company or industry over a specific period.
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