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THIRD-WORLD COUNTRY: A country with a relatively low standard of living and which lacks the economic development of more advanced industrialized nations like the United States. Most third-world countries are in Africa, Asia, and South America and often rise to newsworthy prominence when they have a famine, are overthrown by a military dictator, or are invaded by a more developed country. They tend to have high rates of population growth and limited success in doing what's necessary to achieve economic growth.

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Lesson 5: Demand | Unit 2: Law of Demand Page: 6 of 20

Topic: Income Effect <=PAGE BACK | PAGE NEXT=>

An important question is: Why does the law of demand work? Two reasons are income effect and substitution effect.

First, the income effect. This is the change in quantity demanded that results because a change in price gives a buyer more real income, even though money income remains unchanged.

  • The reason is that buyers have limited income.
  • Any change in price affects the purchasing power of buyers' limited income. A higher price means a given income can buy less and a lower price means a given income can buy more.

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POINT ELASTICITY

The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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