Supply, Demand & Elasticity 2.0 / 5 based on 1 rating ? Business StudiesMarketing mixASEdexcel Created by: frankishbCreated on: 10-12-15 11:59 Supply Is the quantity of a good or service that a producer is willing and able to supply onto the market. 1 of 7 Demand Is the quantity that customers are willing and able to buy at a given price at a given time. 2 of 7 Equilibrium Is the balance between quantity demanded and quantity supplied. 3 of 7 Elasticity Measures the responsiveness of supply & demand to a change in a relevant variable (Price/Income) AFFECTED BY CHANGE 4 of 7 Inelasticity Measures the responsiveness of supply & demand to a change in a relevant variable (Price/Income) UNAFFECTED BY CHANGE 5 of 7 Elasticity (Luxury) Examples; Expensive holidays, Branded goods and Luxury expenses 6 of 7 Inelasticity (Necessity) Examples; Groceries, Electric, Heating (Unavoidable living expenses) 7 of 7
Comments
No comments have yet been made