Definition, Meaning & Synonyms
inelastic
Adjective
/ˌɪnɪˈlæstɪk/
Definition
Not adaptable or not able to change in response to circumstances.
Examples
- The demand for essential foods is generally inelastic; people will buy them regardless of price changes.
- Many necessities have inelastic properties, meaning even if prices rise, consumers will still purchase them.
Meaning
In economics, inelastic refers to the situation where the quantity demanded or supplied of a good is not significantly affected by a change in price.
Synonyms
- Rigid
- Unresponsive
- Fixed
