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What are some of the important factors that influence price elasticity of demand? Briefly describe the influence the factor has.
North Korea
An East Asian country officially known as the Democratic People's Republic of Korea, noted for its centralized economy and autocratic government.
Specialization
The use of the resources of an individual, a firm, a region, or a nation to concentrate production on one or a small number of goods and services.
Production
The act of creating goods or services using labor, equipment, and natural resources.
Coincidence-of-wants
A situation in barter economies where two parties each have something the other wants, facilitating a direct exchange without the need for money.
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