kids encyclopedia robot

Elasticity of substitution facts for kids

Kids Encyclopedia Facts

Elasticity of substitution is a measure of how easily something is able to be substituted with something else. It is often used in marketing and economics. A product has a low elasticity if it is unable to raise its price because similar products (substitutes) are available. A product that is unique is able to charge higher prices because there are not as many choices. For example, in a fish market, there are many fishermen selling many fish. The price is not elastic because there is competition between many suppliers of fish.

See also

Kids robot.svg In Spanish: Elasticidad de sustitución para niños

Black History Month on Kiddle
Famous African-American Inventors:
Valerie Thomas
Frederick McKinley Jones
George Edward Alcorn Jr.
Thomas Mensah
kids search engine
Elasticity of substitution Facts for Kids. Kiddle Encyclopedia.