Elasticity, a fundamental concept within the field of economics, pertains to the measurement of responsiveness in various economic variables.

The economic growth rate is a fundamental indicator used to assess the performance and health of an economy. It represents the percentage increase in the value of all goods and services produced within a specific period, typically expressed on an annual basis.

Economic forecasting refers to the systematic analysis and prediction of future economic conditions based on current and historical data.

Economic justice encompasses the concepts of fair distribution of resources, equitable opportunities for employment, and sustainable livelihoods for all members of society.