Elasticity
- Measures how much the quantity demanded or supplied of a good responds to a change in price. If a small price increase causes a big drop in demand, that product has high demand elasticity.
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Supply: How much of a product or service is available to buy. Demand: How much of that product or service people want to buy. When supply is high but demand is low, prices go down. When demand is high but supply is low, prices go up
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Similar ideas to Elasticity
No Food Waste
Producing food waste is not just a sign that someone has no disrespect for either the food itself and underprivileged people. Producing food waste can also cause climate change, then, climate change causes eruption or other things that are related to the unusable land.
Raising The Price Of Your Product Or Service
- Normally products keep getting costlier or the per-unit quantity keeps shrinking to offset the rising material costs and shortages.
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Irrelevant information, but gives insight into how other people think
Irrelevant information may provide small pieces of a puzzle that might increase your understanding of why things happen**.** For example, palaeontology offers insights about how things naturally grow too big for their own good, which has relevance in investing.
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