income elasticity of demand
- income elasticity of demand income elasticity of demand ➔ elasticity of demand
* * *income elasticity of demand UK US noun [U]► ECONOMICS the degree to which the number of products bought changes when income changes: »
In Japan, the income elasticity of demand for exports is far higher than for imports, suggesting a steadily increasing trade surplus.
Financial and business terms. 2012.
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Income Elasticity Of Demand — A measure of the relationship between a change in income and a change in quantity of a good demanded: The degree to which a demand for a good changes with respect to a change in income depends on whether the good is a necessity or a luxury. The… … Investment dictionary
Income elasticity of demand (YED) — In economics, the income elasticity of demand measures the responsiveness of the quantity demanded of a good to the change in the income of the people demanding the good. It is calculated as the ratio of the percent change in quantity demanded to … Wikipedia
elasticity of demand — The degree of buyers responsiveness to price changes. Elasticity is measured as the percent change in quantity divided by the percent change in price. A large value (greater than 1) of elasticity indicates sensitivity of demand to price, e.g.,… … Financial and business terms
income elasticity — elasticity of demand with respect to income, measure of how responsive the level of demand is to a change in income (Finance) … English contemporary dictionary
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