elasticity
Elasticity refers to the measure of how responsive the quantity demanded or supplied of a good or service is to changes in its price or other relevant factors, such as income or the price of substitute or complementary goods.
Requires login.
Related Concepts (1)
Similar Concepts
- adaptability
- adaptability and flexibility
- demand elasticity
- elastic potential energy
- elasticity coefficient
- elasticity of demand formula
- elasticity of supply
- flexibility
- flexibility and adaptability
- income elasticity
- inflexibility
- plasticity in response to environmental changes
- price elasticity
- resilience
- scalability and elasticity