what is the difference between elastic and inlastic?

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The difference between elastic and inelastic demand is how necessary an item is in a person's life. In economics, elastic demand refers to items that consumers buy when they have extra money. Inelastic demand refers to an unchanging demand for a product, no matter what economic conditions exist, like purchases of bread. Elastic demand covers the extras in our budgets, the treats like cheesecake.

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