Elasticity of supply is the ability of the supply to change when other market forces, such as price and demand, change. If a supply remains unchanged when these other factors do change, it is known as an inelastic supply... More »

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Economics and economic education are important for providing people with valuable insight into how foreign and domestic markets operate, which allows them to make reasoned and rational choices for short-term and long-ter... More »

The two major branches of economics are microeconomics and macroeconomics. Microeconomics deals largely with the decision-making behavior of individual consumers and firms in markets, while macroeconomics focuses largely... More »

Many factors affect the price of oil, but the two most powerful forces that cause frequent price changes are the simplest: supply and demand. Changes in output by oil-producing countries and problems in the shipping and ... More »

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Elasticity of demand is an economics term meaning the relative change in quantity demanded for a good based on a particular price change. High price elasticity means that a particular change in price causes consumers to ... More »

Elasticity is a term that describes how much the demand or supply for a product or service changes in relation to that product’s price. Each product on the market today has a different level of elasticity. Products consi... More »

A National Stock Number (also known as a NATO Stock Number), or NSN, is the official numerical label assigned to a standardized item of supply for the combined armed forces of the North Atlantic Treaty Organization. The ... More »

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