Business GCSE
Price elasticity of demand
What Price elasticity of demand means in Business GCSE, as defined for AQA.
Definition of Price elasticity of demand
Check what you remember
Read the wording for your board, then hide it and explain Price elasticity of demand in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The effect that determines whether a price cut can raise total revenue, because the percentage rise in quantity sold exceeds the percentage fall in price, or may reduce revenue if demand is inelastic.
Topics that use Price elasticity of demand
Related terms
- Access to customers
- Adaptation and reaction
- Adaptation to change
- Advertising
- Balancing
- Batch Production
- Brand awareness
- Brand awareness and image
Using Price elasticity of demand in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
Practise Business questions
Create a free account to answer exam-style questions on this topic and get feedback on your answers.
Start free
All Business GCSE termsA week of Premium from your first lesson · Then the free plan continues · No card, no charge