Price elasticity of demandA good's price elasticity of demand (, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded.
Supply and demandIn microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.
Doric orderThe Doric order was one of the three orders of ancient Greek and later Roman architecture; the other two canonical orders were the Ionic and the Corinthian. The Doric is most easily recognized by the simple circular capitals at the top of columns. Originating in the western Doric region of Greece, it is the earliest and, in its essence, the simplest of the orders, though still with complex details in the entablature above. The Greek Doric column was fluted or smooth-surfaced, and had no base, dropping straight into the stylobate or platform on which the temple or other building stood.
