Assertion: elasticity | /r/UsedFor | refer to the degree
Facets:
value: in economics
type: OTHER
value: in business
type: OTHER
Source sentences:
text: In business and economics, elasticity refers to the degree to which individuals, consumers or producers change their demand or the amount supplied in response to price or income changes.
text: Inelasticity and elasticity of demand refer to the degree to which demand responds to a change in another economic factor.