List Three Factors That Affect Elasticity of Demand

question 27

Essay

List three factors that affect elasticity of demand.Briefly describe how each affects demand.

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Definitions:

Economic Depressions

Extended periods of significant decline in a country's economy, marked by high unemployment, low productivity, and reduced economic activity.

Bronfenbrenner

Refers to Urie Bronfenbrenner, a psychologist known for developing the ecological systems theory to explain how the inherent qualities of a child and the characteristics of the external environment interact to influence how the child will grow and develop.

Ethologists

Scientists who study animal behavior in natural environments, focusing on instinctual or innate behaviors.

Fixed Action Patterns

Innate, pre-programmed responses triggered by specific stimuli, common in animal behavior.