Income elasticity of demand refers to a the demand curve in response to changes in income, whereas price elasticity of demand refers to a the demand curve in response to price changes.

income elasticity: Change in the demand curve in response to change in income

Price elasticity: change in demand curve in response to change in price

Explanation:

Income elasticity of demand is the degree of responsiveness of the quantity demanded of a commodity to a CHANGE in income.

Income elasticity of demand=%∆ Qd / %∆income

That is, the ratio of the percentage change in quantity demanded to the percentage change in income.

Price elasticity of demand is the degree of responsiveness of the quantity demand of a commodity to a CHANGE in its own price. It can be calculated using

Price elasticity of demand= %∆Qd / %∆price

That is, the ratio of the percentage change in quantity demanded to the percentage change in price.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.