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 ...

Microeconomics and macroeconomics are two distinct branches of economics. Microeconomics focuses on individuals and groups, including companies, while macroeconomics looks at the behavior of national ...

Microeconomics is the subfield of economics that studies how economic decisions are made on the level of individual people or firms, as well as phenomena affecting those decisions. What Is the ...

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

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.