Price elasticity of demand is the change in demand relative to a change in price for a product or service.

For more on defining your market and target customers, check out How to Do Market ResearchMarket Research Resources for Entrepreneurs, and How to Define Your Target Market.

Bplans GlossaryBplans Glossary

At Bplans, it's our goal to make it easy for you to start and run your business. The Bplans glossary of common business terms will help you learn about key small business and entrepreneurship topics.