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 »

The concepts of elastic and inelastic demand are used in economics to describe change processes, and the differences between the terms are defined by the amount of change occurring within a given system. Areas of economi... More »

Examples of products that have elastic supplies are specifically branded items that have alternatives like Campbell's soup, Marlboro cigarettes and Porsche vehicles; products that have inelastic supplies are cigarettes, ... More »

www.reference.com World View Social Sciences Economics

Furniture, cars, televisions, jewelry and phones are examples of elastic goods. They are luxuries. Food grains, vegetables, milk, gas and electricity are some examples of inelastic goods. They are necessities. More »

www.reference.com World View Social Sciences Economics

Inflation generally increases when the gross domestic product (GDP) growth rate is above 2.5 percent due to several factors, such as demand for goods overstretching supply and higher wages in an ultra-competitive job mar... More »

Alfred Marshall wrote the book “Principles of Economics,” which emphasized that the price and production of goods is determined by both supply and demand. Marshall contributed many original ideas to the study of economic... More »

Another term for "equilibrium price" in economics is "market-clearing price," which is a price point at which the market achieves a balance in terms of supply and demand. When the market reaches a market-clearing price, ... More »