Examlex
Explain the hierarchy of accounting qualities identified in SFAC No. 2.
Elastic Demand
A demand situation where the percentage change in the quantity demanded of a good or service is greater than the percentage change in its price.
Inelastic Demand
Product or resource demand for which the price elasticity of demand is less than 1, so that any given percentage change in price leads to a smaller percentage change in quantity demanded. As a result, quantity demanded is relatively insensitive to (inelastic with respect to) price.
Financial Aid
Financial support provided to individuals to help cover the costs of education or other personal expenses.
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