Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Goods and services can be either elastic or inelastic. Elastic means the ...

Demand elasticity is a phenomenon where demand for a specific good or service changes depending on factors such as how it is priced, whether alternatives are available or local income trends.

In this video, we explore key concepts of microeconomics, focusing on fundamental principles that influence individual and business decision-making. Topics include the laws of supply and demand, ...

Consumer demand fluctuates constantly, for many reasons. To discuss the effects of a specific factor on demand, economists use the term "elasticity" to describe how responsive consumers are. The more ...