In economics, if a good is inelastic, then <u>its supply or demand is not sensitive to price changes.
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Changes or fluctuations in market prices does not affect the supply and the Demand of inelastic goods.
<h2>Further Explanation;
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- Inelastic goods, are types of goods whose demand and supply is not affected by changes in market prices. That is an increase or decrease in market price does not affect their supply or demand.
- When the price of an inelastic good changes, its supply and demand is unaffected.
- Examples of such goods include, water and food. Therefore, for inelastic goods, the consumer buying strength and habits remain the same.
<h3>Demand and supply in determination of market price
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- Demand refers to the quantity of goods or services that consumers are willing and able to buy at a particular price while supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.
- One of the factor that determine market prices are the forces of demand and supply, this is based on the ability and willingness of buyers and sellers to undertake selling and buying.
- Buying and selling occurs at an equilibrium price that is agreed upon by sellers and buyers.
- This means the sellers and buyers are willing to exchange a certain quantity of a commodity at this price. Thus, price depends on the demand and supply in the market.
- However, for <u>inelastic goods</u> such as water and food, the consumer has no option than to buy them at existing prices since they are necessity goods.
Keywords; Inelastic goods, demand and supply, market price.
<h2>Learn more about:
</h2>
- Demand and supply; brainly.com/question/6749722
- Effect of supply and demand on market price: brainly.com/question/3522474
Level; High school
Subject: Business
Topic: Demand and supply
Sub-topic: Types of goods
Answer: Please see answer in explanatory column
Explanation:Classifying each according to cash flow activity in terms of operating, investing, or financing activity gives
(a) Purchase of equipment.-----investing activity
(b) Sale of building.-----investing activity
(c) Redemption of bonds.-----financing activity
(d) Cash received from sale of goods. ------investing activity
(e) Payment of dividends.-------financing activity
(f) Issuance of capital stock. -------financing activity
Answer:
The correct word that fills the gap is: sales.
Explanation:
Initially, the Marketing approach was productive, towards production: Marketing aims to achieve greater efficiency in the financial and productive areas of the company.
Subsequently, the emphasis was on the product, but the growing competition and the difficulty of selling production, changed the focus towards sales, the goal was to sell above all and reduce inventories.
Subsequently, the focus is increasingly shifted to the consumer: consumers do not acquire production plants, products or services, buy benefits and utilities, the "expectations of meeting their different needs." The current approach is market-oriented, where the consumer and their needs remain the key, and therefore the competition must also be analyzed, which tries to satisfy the same customer as us. Likewise, the environment that conditions this process and any other critical factor must also be analyzed.
Answer:
A. Consider updating them about progress and involving them in the process.
