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When Noah's dad gets home from work, Noah runs to him shouting, "Daddy!" His dad sweeps him up in a bear hug, gives him a gentle knuckle rub on top of his head, then lowers him to the ground in a pretend choke hold. Noah screams with delight, escapes the hold, and climbs on his dad's back to ride him like a horse. Inadvertently, Noah hurt his dad while climbing, and his dad said sternly, "That really hurt. Be nice!" What kind of lesson is Noah's dad teaching him with this rough-and-tumble play bout?
Housing Demanded
The quantity of residential properties that buyers are willing and able to purchase at a given price level.
Demand Elasticity
A quantification of the effect of price variation on the demand level for a specific good.
Income Elasticity
A measure of how much the quantity demanded of a good or service changes in response to a change in consumers' income.
Inferior Good
A type of good whose demand decreases when consumer income rises, unlike normal goods, which see an increase in demand with rising income.
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