One of the terms synonymous with the field of economics is ‘Elasticity’. The term refers to the change in either the demand or supply (the other terms synonymous with economics) curve when there is a change in the price. In general, if the price increases a little for consumer goods and the consumers decrease their consumption in significant volume, the goods are considered elastic.
In economics, elastic refers to the higher than normal change in supply and/or demand related to a price change. The greater the change in supply or demand as the price changes, the greater the elasticity value.