Price Elasticity of Demand: Key Influencing Factors | Part 2

This video describes factors that influence how elastic, or inelastic, demand for a good or service is. These include whether the item is a necessity or a luxury, how much of your income you give up to buy it, the availability of close substitutes, and time.
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00:22 - Factor #1: Is a good a necessity or a luxury?
01:36 - Factor #2: Income given up to buy a product
02:27 - Factor #3: Availibility of close substitutes
04:35 - Factor #4: Time
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