There Are 6 Steps of the Broad Model

question 18

Short Answer

There are 6 steps of the Broad Model. Name them in order.

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Definitions:

Close Substitutes

Goods or services that can easily replace each other in consumption due to their similar characteristics.

Families' Budgets

Financial plans created by families to manage their income, expenses, savings, and investments over a specific period.

Demand Elastic

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with high elasticity indicating a significant response.

Demand Inelastic

Describes a situation where the quantity demanded of a good or service is relatively unaffected by changes in its price.