Demand where a proportionate change in price (say 10%) leads to a lesser proportionate change in quantity demanded (say 5%). Formally, it is when the elasticity of demand is between 0 and 1. ...
Found on
http://www.encyclo.co.uk/local/20688
Inelastic demand is the economic idea that the demand for a product does not change relative to changes in that product?s price. In other words, as the price of a good or service increases or decreases, the?demand?for it will stay the same. This typically occurs in convenience goods that consumers need every day.
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https://www.myaccountingcourse.com/accounting-dictionary/accounting-diction
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