Elasticity is one of the most basic concepts of economics. Elasticity is part of the field of microeconomics and it is crucial to know this concept, as well as its consequences. The concept of elastic and inelastic goods directly affects the pricing of companies on their products. Therefore, it is important for the investor to have a good sense of this indicator. This concept concerns how much variation in demand occurs in a variation in the price of a given product.
Elasticity can also be calculated by dividing variations by averages of quantities and final prices. People usually have a slope in the negative demand for goods. That is, people consume more when the price of a good is lower.
In the future the elasticity of demand can become something very harmful that increases values very dramatically and can take the economy to a difficult path to reverse
The local people of the city
As per the given situation of Fred, the type of poverty that Fred is experiencing is absolute poverty. Hence, Option D is correct.
<h3>What is poverty?</h3>
Poverty is the situation of an individual in which the person has not that much amount of money so that they can fulfill their basic necessities which include food, clothing, and shelter.
According to the World Bank Organization, poverty is all about hunger. When a person is facing absolute poverty, their household income does not match a certain level.
Thus, as per the situation of Fred, where he is not able to meet the basic needs, Option D is correct.
Thus, Option D is correct.
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The complete question is attached in text form:
Fred has been homeless for over 10 years. he barely makes enough panhandling to eat every day. which of these best describes the type of poverty fred is experiencing?
Relative poverty
Situational poverty.
Generational poverty.
Absolute poverty.
Answer:
The correct answer is option A) "Baconian dream".
Explanation:
The Baconian Dream is the optimistic view that sees the science as a provider of new inventions that bring prosperity to mankind. The fact that the leading cause of death in 1900 was infectious diseases and nowadays the number of deaths have dramatically reduced due to the discovery, investigation and use of antibiotics is an example of a Baconian Dream. In this case, science allowed the discovery of antibiotics, which brought prosperity to mankind by providing a treatment for infectious diseases.
The process of globalization has a direct impact on worldwide communication, which in turn contributes to the expansion of economic possibilities, the breaking down of cultural boundaries, and the formation of a global village. Both globalization and global communication have brought about changes in the world's environment, culture, politics, and economy. These shifts are the result of globalization. This is further explained below.
<h3>What is Globalization?</h3>
Generally, the process through which corporations and other organizations start functioning on an international scale or establish worldwide influence. Also called globalization.
In conclusion, The process of globalization has an immediate impact on worldwide communication, which in turn contributes to the expansion of economic possibilities, the breaking down of cultural boundaries, and the formation of a global village. The world's environment, culture, political system, and economy have all been impacted by the changes brought about by globalization and global communication.
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