Similar terms
What does elastic mean? Elastic is an economic term relating to the dynamics of supply and demand.
Whenever a 1 percent change in price causes more than a 1 percent change in quantity supplied or demanded, the elasticity calculation will result in a number greater than 1.
What is environmental scanning? Environmental scanning constantly monitoring and assessing the external environment to spot changes and emerging trends.
The Hotel Price Reporter rate shopping tool can be used to perform environmental scanning.