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Pearson Edexcel International GCSE Economics (4EC1)

1.1 The market system

1.1.1 The economic problem

1.1.2 Economic assumptions

1.1.3 Demand, supply and market equilibrium

1.1.4 Elasticity

1.1.4.a Price elasticity of demand (PED)

1.1.4.b PED formula

1.1.4.c Calculating PED

1.1.4.d Price-elastic and price-inelastic demand diagrams

1.1.4.e Interpreting PED values

1.1.4.f Factors influencing PED

1.1.4.g PED and total revenue

1.1.4.h Price elasticity of supply (PES)

1.1.4.i PES formula

1.1.4.j Calculating PES

1.1.4.k Price-elastic and price-inelastic supply diagrams

1.1.4.l Interpreting PES values

1.1.4.m Factors influencing PES

1.1.4.n PES of manufactured and primary products

1.1.4.o Income elasticity of demand

1.1.4.p Income elasticity of demand formula

1.1.4.q Calculating income elasticity of demand

1.1.4.r Interpreting income elasticity values

1.1.4.s Business and government uses of demand elasticities

1.1.5 The mixed economy

1.1.6 Externalities

1.2 Business economics

2.1 Government and the economy

2.2 The global economy

3 Quantitative skills

IGCSE/Edexcel/Economics//Concept/1.1 The market system/1.1.4 Elasticity/1.1.4.s Business and government uses of demand elasticities

1.1 The market system

Syllabus: 2026
Section: 1.1
Level: —

Exam analysis

Most tested topics

The economic problem
Economic assumptions
Demand, supply and market equilibrium
Elasticity
The mixed economy
Externalities