Price Elasticity

Pronunciation: praɪs ˌɛlæsˈtɪsɪti ɒv dɪˈmɑːnd Meaning: A measure of the effect of a price change or a change in the quantity supplied on the demand for a product or service. Example: ‘Look for services with high fixed costs, price elasticity - meaning that consumers will typically buy more if prices drop - and the ability to be ordered over the Internet.’