Examlex
The World Trade Organization was created in 1995 to supervise world trade.
Income Elasticity
A measure of how much the demand for a product or service changes with a change in the consumer's income.
Quantity Demanded
Quantity demanded is the total amount of goods or services that consumers are willing and able to purchase at a given price point, during a specified period.
Consumption
The expenditure by individuals on durable goods, nondurable goods, and services; represented by C.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in its price.
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