Economics is a social science that studies the collection, allocation and distribution of economic resources. Business owners use the study of economics to help them make business decisions. Not only ...

The degree of producers' responsiveness to price changes. Elasticity is measured as the percent change in quantity divided by the percent change in price. A large value (greater than 1) of elasticity ...

Some more words on price gouging, as New York and New Jersey are increasingly afflicted by gasoline shortages. There are three issues we need to look at here. One is allocation, one is short-term ...

Supply is as relevant to a business as gravitational force is to the Earth. A fundamental economic theory, supply refers to the quantity of goods a producer is willing and able to sell at a specific ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...