Inelastic demand is when the buyer’s demand does not change as much as the price changes. When price increases by 20% and demand decreases by| Corporate Finance Institute
Time to further your career. Explore free economics resources and get instant access to flexible, on-demand training led by CFI's expert instructors.| Corporate Finance Institute
Normative economics is a school of thought which believes that economics as a subject should pass value statements, judgments, and opinions on| Corporate Finance Institute
The law of supply is a basic principle in economics that asserts that, assuming all else being constant, an increase in the price of goods| Corporate Finance Institute
Market economy is defined as a system where the production of goods and services are set according to the changing desires and abilities of| Corporate Finance Institute