22 Growing Economies Flashcards
1
Q
Define developed economies
A
refers to a country with a high level of economic development
2
Q
Define developing economies
A
developing economy refers to a country with a lower level of economic development
3
Q
Define emerging economies
A
refers to a country transitioning from a developing economy to a more developed one
4
Q
Define disposable income
A
the amount of money a household has available to spend and save after taxes
5
Q
Define income elastic
A
when the % change in demand for a product is proportionately GREATER than the percentage change in income
