Elasticity of Demand and Supply - Know Your Stuff! (Quizlet Activity)
- Levels: AS, A Level, IB
- Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC
Check your understanding of elasticity of demand and supply with this updated quizlet revision activity!
Here are some key terms to revise!
- Elastic supply: When PES has a coefficient >1
- Factor making demand income elastic: Luxury / premium product e.g. designer clothing
- Factor making demand income inelastic: Staple product seem as a necessity e.g. toothpaste
- Factor making demand price elastic: Many close substitutes in a market and very low switching costs between competing brands
- Factor making demand price inelastic: High cost of switching supplier & habitual purchase
- Factor making supply price elastic: High level of unsold stocks
- Factor making supply price inelastic: Low level of spare production capacity
- Inelastic demand: When PED has a coefficient <1
- Perfectly elastic demand: A market with many perfect substitutes
- Perfectly elastic supply: When PES = infinity
- Perfectly inelastic demand: When PED = zero
- Unitary elasticity: When coefficient of elasticity = 1
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Examiner- GCE A Level - Economics (2015 Specification)
Pearson, Home based
- Economics
- Revision quizzes
- Elasticity
- Elasticity of supply
- Price elasticity of demand
- Price elasticity of supply
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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