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The supply and demand model determines price and quantity sold in the market. (Wikipedia Encyclopedia)
Macroeconomics
Macroeconomics is the study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. (Mifflin, 2005)
Microeconomics
Microeconomics is defined as the study of the operations of the components of a national economy, such as individual firms, households, and consumers. (Mifflin, 2005)
Elasticity
In economics, elasticity is the ratio of the proportionate change in one variable with respect to proportional change in another variable, such as the responsiveness of the price of a commodity to changes in market demand or visa-versa...
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