A levels Economics (Module 1: Markets and Market Failure) Flashcards on Economics - unit 2 - M.E., PED/IED/CED/PES, created by Amardeep Kumar on 07/01/2015.
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Created by Amardeep Kumar
over 9 years ago
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Close
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Created by Amardeep Kumar
over 9 years ago
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Define market equilibrium.
Define price elasticity of demand.
What are the main characteristics of an elastic demand curve?
What are the main characteristics of an inelastic demand curve?
How is the Price Elasticity of Demand calculated?
Define income elasticity.
What is the income elasticity of normal, inferior, luxury and necessity goods?
How is income elasticity of demand calculated?
Define cross elasticity of demand.
What is the cross elasticity of demand of the 2 types of related related goods?
What is the calculation for the cross elasticity of demand?
Define price elasticity of supply.
What are the characteristics of an elastic supply curve?
What are the characteristics of an inelastic supply curve?
What is the formula for calculating the Price Elasticity of Supply?
