Health care has a high income elasticity, indicating that ensuring a long and fit life becomes increasingly important as people are able to pay for other essential needs.

Question

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Health care has been shown to have a high income elasticity, which means that as people's income increases, the demand for health care services also increases. This is because people have more resources to spend on maintaining and improving their health, and because health care is an essential need that becomes increasingly important as people are able to afford other basic necessities.

Health Care Has a High Income Elasticity, Indicating That Ensuring