1.2 Revision cards extra

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What is price elastic demand?
A change in price results in a greater change in demand
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What is price elasticity of demand?
The responsiveness of demand to a change in price
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What is price inelastic demand?
A change in price results in a proportionately smaller change in demand
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What factors influence income elasticity of demand?
necessities/luxuries/the price of a product relative to incomes
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What is income elastic demand?
The percentage change in demand for a product is proportionately greater than the percentage change in income
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What is income inelastic demand?
Where the percentage change in demand is proportionately less than the percentage change in income
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What is discretionary expenditure?
Non-essential spending or spending that is not automatic
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Card 2

Front

What is price elasticity of demand?

Back

The responsiveness of demand to a change in price

Card 3

Front

What is price inelastic demand?

Back

Preview of the front of card 3

Card 4

Front

What factors influence income elasticity of demand?

Back

Preview of the front of card 4

Card 5

Front

What is income elastic demand?

Back

Preview of the front of card 5
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