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.

Microeconomics is one of the major focus areas within the academic field of economics. While the scope and methods of microeconomics can be complex, its overall focus is relatively straightforward.

Microeconomics is a subset of economics that focuses on the actions of the individual participants in the economy, including individual consumers and businesses. Unlike macroeconomics, which focuses ...

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 ...