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An '''elastic good''' is a good that has [[Elastic Demand|elastic demand]]. If a product is elastic, consumers will be able to easily adapt to the change through substitution. If the price of an elastic good is raised, it causes a significant drop in demand.
An '''elastic good''' is a good that has [[Elastic Demand|elastic demand]]. If a product is elastic, consumers will be able to easily adapt to the change through substitution. If the price of an elastic good is raised, it causes a significant drop in demand.
==See Also==
==See also==
[[Inelastic good]]
[[Inelastic good]]
[[Category:Economics]]
[[Category:Economics]]