Economic factors affect and respond to each other in different ways:
This section's new concept, elasticity, focuses on measuring this responsiveness.
Price Elasticity of Demand (PED)
A measure of the responsiveness of quantity demanded when there is a price change.
According to its price elasticity, the demand for goods and services can be categorised into:
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Paywall
(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.
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