ECONOMICS BASICS 0.0 / 5 ? EconomicsALLIGCSEEdexcel Created by: isadhdCreated on: 23-03-18 09:21 Measures the total responsiveness of demand to a change in price Price Elasticity of Demand 1 of 10 Involves how to allocate a nation's scarce resources between different uses Basic Economic Problem 2 of 10 The age is increasing Ageing population 3 of 10 Selling below costs Dumping 4 of 10 Goods and services provided by individuals Private Sector 5 of 10 Extracting raw materials from the ground Primary sector 6 of 10 When a single firm dominates the market monopoly 7 of 10 A market dominated by a few large firms Oligopoly 8 of 10 Lifting legal restriction that prevent competition in the private sector Deregulation 9 of 10 income elsticity of demand greater than 1 or less than -1 income elstic demand 10 of 10
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