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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

1.2.1 Production

1.2.2 Productivity and division of labour

1.2.3 Business costs, revenues and profit

1.2.4 Business competition

1.2.5 The labour market

1.2.6 Government intervention

2.1 Government and the economy

2.1.1 Macroeconomic objectives

2.1.2 Government policies

2.1.3 Relationships between objectives and policies

2.2 The global economy

2.2.1 Globalisation

2.2.2 International trade

2.2.3 Exchange rates

3 Quantitative skills

Graph construction

Quantitative interpretation and decision-making

Question Bank/IGCSE Edexcel Economics/1.1 The market system/1.1.4 Elasticity/1.1.4.b PED formula

Edexcel IGCSE Economics 1.1.4.b Formula of PED

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