Concept information
Preferred term
health care as luxury goods
Definition
- For a luxury good, the ratio of the increase in demand for that good to any attendant increase in income will exceed unity. This ratio, that is, the percent increase in quantity of a good demanded divided by the percent increase in income, is termed the income elasticity of demand (Ei). [Source: Encyclopedia of Health Care Management; Health Care as Luxury Goods]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/health_care_as_luxury_goods
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