Product elasticity of demand (PED)

The degree to which demand for products or services changes with the price. Essential goods, such as food, do not experience an increase in demand when the price changes, and are deemed “inelastic”, but non-essential goods do.
Profit and loss account
A financial statement that shows any incomes or outgoings of a company over a certain period of time so as to show the net profit or loss for that time.

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