Economics is a social science that studies the collection, allocation and distribution of economic resources. Business owners use the study of economics to help them make business decisions. Not only ...

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Demand elasticity is a phenomenon where demand for a specific good or service changes depending on factors such as how it is priced, whether alternatives are available or local income trends.

The concept of price elasticity of demand (PED) is fundamental to understanding the nature of demand. PED measures the ...

Current issues are now on the Chicago Journals website. Read the latest issue.Established in 1958, The Journal of Law and Economics publishes research on a broad range of topics including the economic ...