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.
Supply and Demand
Economics is the study of supply and demand. Supply and demand refers to the relationship between the supply of goods and the demand for those same goods.