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When There Are Few Substitutes Available for a Good, Demand

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When there are few substitutes available for a good, demand tends to be relatively inelastic.


Definitions:

Team Maintenance

Activities and behaviors that support the social and psychological well-being of a team, ensuring its continued effectiveness.

Task-Oriented

Focused on completing specific tasks or objectives rather than on broader or more abstract goals.

Self-Oriented

Focused on oneself, often prioritizing personal goals, needs, or desires.

Group Development

The process through which a group evolves over time, typically moving through stages of forming, storming, norming, performing, and adjourning.

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