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Unit 1: Economics of the Market
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Data for Applied Economists

Elasticity

Flashcard Definition

Elasticity refers to how reactive an item’s demand is to changes in economic conditions, such as income levels. If a good is very elastic, then demand changes quickly.

Block Type

Flashcard

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Elasticity

Flashcard Definition

Elasticity refers to how reactive an item’s demand is to changes in economic conditions, such as income levels. If a good is very elastic, then demand changes quickly.

Block Type

Flashcard