Edexcel IGCSE Economics 1.1.4 O Income Elasticity of Demand Topic Practice

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Pearson Edexcel International GCSE Economics

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.b Formula of PED

1.1.4.c Calculate the PED using given percentage changes in

1.1.4.d Use of diagrams to show price elastic and price inelastic

1.1.4.e Interpret numerical values of PED that show

1.1.4.f Factors influencing PED, including

1.1.4.g Use of total revenue calculations to show the

1.1.4.i Formula of PES

1.1.4.j Calculate the PES using given percentage changes in

1.1.4.k Use of diagrams to show price elastic and price inelastic

1.1.4.l Interpret numerical values of PES that show

1.1.4.m Factors influencing PES, including

1.1.4.n Use examples to show the likely PES for manufactured and

1.1.4.o Income elasticity of demand

1.1.4.p Formula of income elasticity of demand

1.1.4.q Calculate the income elasticity of demand using given

1.1.4.r Interpret numerical values of income elasticity of demand

1.1.4.s Significance of price and income elasticities of demand

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

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