| 单词 | staple product |
| 释义 | staple productstaple productany product the consumption of which does not vary much with changes in INCOME, for example, basic foodstuffs like potatoes and bread. Staple products have an INCOME ELASTICITY OF DEMAND of less than 1. This means that as incomes rise, proportionally less income is spent on such products. Contrast LUXURY PRODUCTS. See also ENGEL's LAW, NORMAL PRODUCT, INFERIOR PRODUCT, GIFFEN GOOD. |
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