Demand (popyt) - the quantity of a product that consumers are able and willing to purchase at various prices over a period of time.
elasticity of demand - how demand for particular product can be affected by changes in price. Usually when prices go down demand increases and decreases when prices go up. This concerns things such as cars, appliances and other not so necessary products because we can easily substitute or cancel the purchase.
E.g if we want to buy a car but the price of it has gone up significantly we can replace it by a car from other brand which has a similar standard but a lower price.
When it is about necessities as food, medicines and basic clothes demand is inelastic because changes in price doesn't affect demand so much because no matter how much does food cost we will still buy it.
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