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Key Terms Instructions: Please Define the Following Key Terms

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Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
inductive methodology


Definitions:

Good Substitutes

Products or services that can be used in place of one another, satisfying the same needs or wants of the consumer.

Elastic

Describes demand or supply that is highly sensitive to changes in price; a small change in price leads to a large change in the quantity demanded or supplied.

Perfectly Inelastic

Describing a situation where demand or supply does not change in response to changes in price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

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