Definition and meaning of 'elastic' in economics, illustrating what it denotes in terms of demand and supply elasticity.
The concept of elasticity in economics examines the responsiveness of one variable relative to proportional changes in another.
The ratio of the proportional rise in the quantity of a good supplied to a proportional rise in its price.
A situation characterized by an unusually large supply of a good, likely leading to a significant price reduction.
The quantity of a good supplied at a given price, tracing out the supply curve as prices change.
The amount of a good or service offered for sale and its determination factors.
