Income elasticity of demand
Income elasticity of demand measures the relationship between a change in quantity demanded and a change in income
Industrial buyers
Industrial buyers are those who purchase items on behalf of their business or organisation
Industrial market
Industrial markets involve the sale of goods between businesses. These are goods that are not aimed directly at consumers.
Inferior goods
Inferior goods have a negative income elasticity of demand. Demand falls as income rises
Influencer
A person in a group buying situation (e.g. a family) who exerts significant influence in the final buying decision
Initiator
A person in a group buying situation (e.g. a family) who first suggests buying a particular product or service
