Today’s one-word prompt is “elastic,” which made me recall my days as an undergraduate in college. I majored in economics and marketing. An important concept we were taught was this thing called “elasticity.”
In business and economics, elasticity refers the degree to which individuals, consumers, or producers change their demand or the amount supplied in response to price or income changes.
Elasticity measures the responsiveness of the quantity supplied to a change in price. If demand for a product is elastic, demand will increase as the price is reduced. That means that the supplier will earn more revenue due to increased demand than it loses from a lower price per unit.
Using elasticity, a firm can know how quickly, and effectively, it can respond to changing market conditions, especially to price changes.
I was also reminded of the small elastic bands my orthodontist put on my braces when I was in junior high school.
This, That, and the Other 
We all had those rubber bands. Loved when they popped and tried to blow out someone’s eye!
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Ha! It was like an explosion inside your mouth.
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It is actually not a law, it is more like a hypothesis, or an economic theory.
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I never called it a law, I referred to it as “an important concept.”
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I guess there has to be in this world folk who I’m sure embrace economics with a passion. I was not one of them, rather when I was in high school I opted out of the class in senior school as it was boring me to tears….it was much later in life that I gathered an understanding of it. Though I do get that it is important in understanding how the world works.
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