1.2 Revision cards extra 0.0 / 5 ? Business1.2 revision cardsASEdexcel Created by: kian burgessCreated on: 02-04-18 15:15 What is price elastic demand? A change in price results in a greater change in demand 1 of 7 What is price elasticity of demand? The responsiveness of demand to a change in price 2 of 7 What is price inelastic demand? A change in price results in a proportionately smaller change in demand 3 of 7 What factors influence income elasticity of demand? necessities/luxuries/the price of a product relative to incomes 4 of 7 What is income elastic demand? The percentage change in demand for a product is proportionately greater than the percentage change in income 5 of 7 What is income inelastic demand? Where the percentage change in demand is proportionately less than the percentage change in income 6 of 7 What is discretionary expenditure? Non-essential spending or spending that is not automatic 7 of 7
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