Cambridge Dictionaries online Cambridge Dictionaries online

The most popular online dictionary and thesaurus for learners of English

English definition of “elastic demand”

elastic demand

noun [U]
 
 
ECONOMICS a situation in which a change in a product's price causes a big change in the number of products sold: Commodities that are likely to have many substitutes, such as public transportation services and green peas, tend to have more elastic demand.
→ Compare inelastic demand
(Definition of elastic demand from the Cambridge Business English Dictionary © Cambridge University Press)
What is the pronunciation of elastic demand?
Add Cambridge dictionaries to your browser to your website

Word of the Day

mutant

an organism that is different from others of its type because of a permanent change in its genes

Word of the Day

What’s that lovely smell?

by Kate Woodford,
October 29, 2014
As adult humans, we can distinguish about 10,000 different smells. It’s no wonder, then, that we have so many words and expressions to describe them. This week we’re taking a look at those smell words – words that describe good smells and words that describe bad smells. Most smell words are either

Read More 

high-frequency trading noun

October 27, 2014
a type of stock market trading that uses very complex technology to trade extremely quickly, often making tiny profits which nevertheless add up to substantial sums Lewis’s book, Flash Boys, is driving a huge amount of attention toward the topic of high frequency trading, and it has rekindled some of

Read More