The elasticity of demand from an economic point of view is used to show the responsiveness of the amount of a goods or services to a change of price. It gives a percentage of change in quality.
In contrast with Classical economics, Keynesian economics takes a broader view of the economy
takes a broader view of the economy
macroeconomic
macroeconomic
microeconomic
Austrian Economics is catching on because its a different school of thought. Basically it looks at things from a different point of view, it's not advocating a free market.
By the concept of Elasticity in the context of running a business.. the best view is taken in the elasticity of demand. Goods and Services are either highly elastic or low elastic. A good with highly elastic demand will have higher changes to quantities demanded for relatively small changes in price. Whereas something with a lower elastic demand, will not have major changes in demand for a small change in price. So for example, the price of a diamond is highly elastic, a small change in say a fall of diamond prices will have a huge impact, whereas something like salt, an increase or decrease in price will not affect the amount demanded. Thats how useful the concept of elasticity is in running a business successfully.
In contrast with Classical economics, Keynesian economics takes a broader view of the economy
takes a broader view of the economy
takes a broader view of the economy
macroeconomic
macroeconomic
It depends on your point of view. It depends on your point of view. It depends on your point of view.
An omission point is this: ... A point of view is a way of thinking about something An opinion
microeconomic
The point of view in the story is from the view of the bully in the story. This is the first story in which a story has been told from the bully's point of view.
Point of view is what it is called.