Answer:
Necessity Goods : Income Inelastic (< 1)
Luxury Goods : Income Elasticity ( > 1)
Explanation:
Elasticity is responsiveness of demand change to price change . Formula : - % change in demand / % change income
Normal goods have positive income elasticity, i.e. demand increase with income rise & decrease with income rise .
Necessity good's demand responds less to income change & is income inelastic ( < 1 ), % change in demand < % change in price .
Eg : Medicines
Luxury good's demand is more responsive to income change & is income elastic ( > 1) , % change in demand > % change in price .
Eg : Luxury Cars
Capitalism is an economic and political system where a county's trade and industry are controlled by private citizens rather than the state. America is an example of a capitalism system where people can own their own business for profit.
Socialism is an economic and political theory of social organization where industry is controlled by the community. Cuba is an example of a socialims system where the economy is controlled by the state.
Communism is a politcal theory for a class system where everything is publicly owned and people are payed based on their abilities and need. China is an example of communism where everyone works for the common good.
1 ton = 907.185 kg
Or ,
1 ton is 2000 pounds.
Hope it helps. Happy to help
Answer:
The indigenous people were treated as horribly by the colonizers. The colonizers believed that the Native Americans stood in their way so they harmed and in slaved them.
Explanation:
