Unit 1 - Introduction to markets and market failure
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Theme 1: 1.2.3 Elasticity
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Unit 1 - Introduction to markets and market failure
Institution
PEARSON (PEARSON)
Book
Edexcel A level Economics A Book 1
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 pos...
Theme 1: 1.4.1e Other Methods of Government Interventions
Theme 1: 1.4.1d Pollution Permits
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A/AS Level
PEARSON (PEARSON)
Economics A
Unit 1 - Introduction to markets and market failure
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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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