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Name One Function of Poverty Described in the Text and Briefly

question 55

Essay

Name one function of poverty described in the text and briefly discuss how the poor in the world and the poor in the United States serve that function.


Definitions:

Buyers

Persons or organizations that buy products or services.

Sellers

Entities or individuals who make goods or services available for purchase by consumers or businesses.

Price Elastic

A measure of how much the quantity demanded of a good responds to a change in its price; high elasticity indicates a significant change in quantity with price changes.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply to the market.

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