The demand curve is one of the fundamental concepts of economics. It illustrates the relationship between the price of a good or service and the demand for that product, that is, the way a change in ...

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Robert Kelly is managing director of XTS ...

Discover exceptions to the law of demand, like Giffen and Veblen goods, and understand why they don't disprove core economic ...