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Lecture notes

Theme 1: 1.2.3 Elasticity

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Excellent study tool to revise the Elasticity section of the A-level Economics syllabus. This is tailored to the Edexcel specification but can also be used for other exam boards. This is a relevant resource for both first-year and second-year students to revise or learn from and get the best possible grade.

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Institution
PEARSON (PEARSON)
Module
Unit 1 - Introduction to markets and market failure

Content preview

Define the term


Deman What is the law of demand?
d Recap
How does the concept of marginal utility help
explain the shape of the demand curve?


What causes a movement along a demand
curve?


What are the factors that can cause a
demand curve to shift? PIRATES may
help!


Why is ceteris paribus such an important
concept when discussing demand?

,Factors Causing a
Shift in Demand


• Population
• Income
• Related goods
• Advertising
• Tastes
• Expectations
• Seasons

, 1.2 - How
markets
work
1.2.3 -
Elasticity
• Price elasticity of demand (PED)
• Income elasticity of demand
(YED)
• Cross elasticity of demand (XED)

, • What is it?
• How do we calculate it?
• What do different values mean?
• What does it look like on a demand
curve?
• What causes the values to differ?
• How is this information useful?
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Peter Smith Edexcel A level Economics A Book 1
  • Unknown
  • 9781471830006
  • 1

Written for

Study Level
A/AS Level
Examinator
PEARSON (PEARSON)
Subject
Economics A
Unit
Unit 1 - Introduction to markets and market failure

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Uploaded on
May 26, 2021
Number of pages
42
Written in
2020/2021
Type
Lecture notes
Professor(s)
Mr. payne
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