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In Economics, what is the income of an economy?
In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
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Asked 3/13/2014 9:47:25 PM
Updated 3/14/2014 3:01:08 AM
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In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.
Added 3/14/2014 3:01:08 AM
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economics, what is elasticity?
Weegy: Elasticity is the property of a body or substance that enables it to resume its original shape or size when a distorting force is removed. (More)
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Updated 3/12/2014 7:13:32 PM
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In economics, what is an output?
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Updated 3/14/2014 2:59:14 AM
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Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country," whether consumed or used for further production.
Added 3/14/2014 2:59:14 AM
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In economics, what is an income?
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Updated 3/14/2014 3:04:26 AM
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Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.
Added 3/14/2014 3:04:25 AM
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An economy's output is its income.
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Updated 3/13/2014 10:14:37 PM
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TRUE. An economy's output is its income.
Added 3/13/2014 10:14:37 PM
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