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Language Presentation: connecting language with knowledge

Language Presentation: connecting language with knowledge. Economics…the language. The measurement of the responsiveness of demand to a change in income %∆ in QD % ∆ in income. YED?. Income Level of consumers. The degree of necessity of the good. Determinants. Income level of consumers.

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Language Presentation: connecting language with knowledge

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  1. Language Presentation:connecting language with knowledge

  2. Economics…the language

  3. The measurement of the responsiveness of demand to a change in income %∆ in QD % ∆ in income YED?

  4. Income Level of consumers The degree of necessity of the good Determinants

  5. Income level of consumers Income changes YED Varies Low income earners respond differently compared to the high income earners.

  6. Engel curve

  7. Staple food items and restaurants Bicycles and cars http://www.youtube.com/watch?v=e0gvqLZIQss Examples

  8. Inferior goods lose demand Firms’ decision of product producing changes How YED influences the market CHANGES RESOURCE ALLOCATION OF THE ECONOMY

  9. Peak and trough diagram

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