When things are elastic, it means that people or "consumers" and suppliers are more apt to respond to changes in price. The demand for elastic products tends to fluctuate as the prices increase or decrease significantly.

In higher prices, consumers tend to adjust their behavior by spending less, seek alternatives, decrease consumption, or even not purchase the product at all. Higher prices usually deter people from spending money on the products. While higher prices deter people from spending, lower prices have the opposite effect, leading to spending more on products, it influences their decisions by perceiving it being a better deal, and expanding the affordability reaching out to many more consumers.

The biggest change in prices has been the result of inflation this past year and still has its challenging effects still. Nonessentials at the grocery store such as candy, chips, pop soda, and frozen items have significantly decreased because the price is too high for its worth in my home. Gas prices, a huge need has altered the way I travel, for example I am starting to take my wife's sedan to work instead of my truck, and I am using certain apps on the phone to help save money in that regard like Upside.