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Map 6.2: Production and Trade in the Pax Romana, ca. 27 B.C.E.-180 C.E. illustrates Rome's massive trade routes and roads, which facilitated what movement during the principate?
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, with all other factors being held constant.
Demand Curve
A graph showing the quantity of a good that consumers are willing and able to purchase at different prices.
Luxury Good
A product that is not necessary for basic survival but is deemed as highly-desirable within a culture or society, often associated with wealth or quality.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in consumer income.
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