Examlex
Explain the concepts of shocks in aggregate demand and aggregate supply.
Price Elasticity
A way to gauge how fluctuations in price affect a good's market demand.
Substitutes
Products or services that can replace each other in use, offering consumers alternatives.
Necessity
A necessity is a good or service that is considered essential for basic living and well-being, such as food, water, and shelter.
Price Elasticity
The responsiveness of the quantity demanded of a good to a change in its price.
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