Elasticities - Mindmap in GCSE Economics

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Created by: madina2212
Created on: 03-04-19 02:07

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Elasticities
- Price Elasticity of Demand(PED)
  - Perfectly inelastic(PED=0)
  - Inelastic(PED>0 BUT < 1)
  - Unitary(PED=1)
  - Elastic(PED>1)
  - Perfectly elastic(PED infinity)
- Income Elasticity of Demand(YED)
  - Normal goods(+)
    - Necessities or Luxuries
  - Inferior goods(-)
    - Income of consumers
- Cross Elasticity of Demand(XED)
  - Substitutes(+)
  - Complements(-)
  - Unrelated products(0)
- Price Elasticity of Supply(PES)
  - Perfectly inelastic(PES=0)
  - Inelastic(PES>0 BUT < 1)
  - Unitary(PES=1)
  - Elastic(PES>1)
  - Perfectly elastic(PES infinity)

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