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Responsiveness
The percentage change in quantity demand to the percentage change in price.
Formula
Percentage change in Quantity Demand / % Price change in Quantity demand.
Elasticity
How much one factor changes when you change another.
Elastic Demand
When quantity is sensitive to a change in price, resulting in a decrease in quantity demand when price increases.
Inelastic Demand
When quantity is insensitive to a change in price, resulting in a small decrease in quantity demand when price increases.
Perfectly Elastic Demand
Change in price leads to a total change in quantity demand, with quantity demand falling to 0.
Perfectly Inelastic Demand
Change in price leads to no change in quantity demand.
Unitary Demand
Percentage change in quantity demand is the same as the percentage change in price.
Substitutes
Goods that can be used in place of each other.
Proportion of Income Spent
The proportion of total income spent on goods.
Luxury Goods
Goods that are not necessities.
Addictiveness
The degree of addiction associated with goods.
Time Taken
The time taken to make a purchase of goods.
Note 
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