What Is the Term Coined by Paul Baltes That Refers

question 4

Short Answer

What is the term coined by Paul Baltes that refers to the culture-based "software programs" of the mind including such things as reading and writing skills,language comprehension,and daily life skills?

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Definitions:

Inferior Good

An inferior good is one where demand decreases as the income of the consumer increases, opposed to a normal good where demand increases with an increase in income.

Price Elasticity

A determination of how price fluctuations affect the demand level for a good.

Demand Coefficient

A numerical measure of the sensitivity of demand for a good or service to a change in one of its determinants, such as price, income, or the price of related goods.

Buyer Responsiveness

THe degree to which consumers change their demand for a product or service in response to changes in its price or attributes.