This document discusses the concept of elasticity of demand and how it relates to changes in price, taxes, wages, and trade. Elasticity of demand refers to how much quantity demanded responds to changes in price, and the document outlines that inelastic demand leads to increases in tax revenue, wages, and exports, while elastic demand leads to decreases in wages and increases in imports when their respective prices change.

2. " Elasticity of demand is the rate
at which the quantity demanded
changes with a change in price."

4. DEMAND TAX
INELASTIC INCREASES
ELASTIC DECREASES

5. DEMAND PRICE
INELASTIC INCREASE
ELASTIC DECREASE

6. Labour leader
DEMAND WAGES OF LABOUR
INELASTIC WAGES INCREASES
ELASTIC WAGES DECREASES

7. • main aim- Earn foreign
exchange
DEMAND COMMODITY
INELASTIC EXPORT
ELASTIC IMPORT