From Longman Business Dictionaryincome elasticity of demandˌincome elasˌticity of deˈmandECONOMICS the degree to which a change in people’s incomes leads to a change in the amount of something that is sold or that could be sold if availablea high UK income elasticity of demand for imports, compared with a much lower world income elasticity of demand for UK exports → elasticity of demand
