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Macroeconomic Environmental Factor
External influences that affect the overall economy and economic conditions, impacting businesses and consumers alike, such as inflation, interest rates, and economic growth.
Price Elasticity
A measure of how the quantity demanded of a good or service changes in response to a change in its price.
Unitary Demand
A market condition in which the demand for a product is directly proportional to changes in its price, leading to a constant revenue.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.
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