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sb133991
Mind Map by sb133991, updated more than 1 year ago
sb133991
Created by sb133991 over 6 years ago
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business elasticity
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Resource summary

Terms
1 Elasticity
1.1 A measure of a variables sensitivity in relation to another variable
2 PED
2.1 measures the responsiveness of demand after a change in price
3 YED
3.1 responsiveness of demand to a change in income
4 Elastic
4.1 demand for a good or service which changes more than price
5 Inelastic
5.1 demand for a good or service which changes less than price
6 Unitary
6.1 a change in demand for a good or service results in an equal change in price
7 Normal good
7.1 demand increases when income increases
8 Inferior good
8.1 demand decreases when consumers income rise
9 Ansoffs Matrix
9.1 stratgic marketing planning tool that links marketing strategy with general strategic direction
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