Welcome to CW Economics!

The study of economics is challenging and rewarding. Use this site to check up on topics covered, homework assigned, and assignments given.

Upcoming Assignments and Tests

  • Grade 12 Book Club Monday, January 16. Journals due Tuesday, January 17
  • Grade 12 essays due Tuesday, January 24 at 10:24am (2 COPIES)
  • Grade 11 Final Summative Game due Tuesday, January 24 at beginning of class.
  • Monetary Policy - Interest Rates due Tuesday, January 10
  • Banking Assignment due Friday, December 23

Friday, October 28, 2016

What is elasticity of demand?

Elasticity refers to the responsiveness of demand to a change in price.

Inelastic goods are goods that people buy at about the same amount no matter if the price goes up or down.  Examples are gasoline and cigarettes.

Elastic goods are things that people will really change their purchases of in response to changes in price.  Examples are vacation packages and house cleaning services. 
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