Elastic demand意思

"Elastic demand" is a term used in economics to describe the responsiveness of the quantity demanded for a good or service to a change in its price. When demand is elastic, it means that the quantity demanded changes significantly in response to a small change in price. In other words, buyers are very sensitive to price changes, and even a small increase in price will lead to a large decrease in the quantity demanded, or vice versa.

Elastic demand is often seen as a characteristic of goods that are considered to be luxury items, non-essential goods, or those that have close substitutes. For example, the demand for high-end electronics, expensive clothing, or premium gasoline might be considered elastic because consumers are more likely to adjust their consumption based on price changes.

On the other hand, "inelastic demand" refers to a situation where the quantity demanded does not change very much in response to a change in price. This typically occurs for goods that are considered to be necessities, such as staple foods, or those that have no close substitutes, like certain medications.