Economics GCSE
Consumer affordability
What Consumer affordability means in Economics GCSE, as defined for AQA.
Definition of Consumer affordability
Check what you remember
Read the wording for your board, then hide it and explain Consumer affordability in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Elastic supply is advantageous because an increase in demand leads to a smaller price increase, whereas inelastic supply causes prices to spike sharply, reducing affordability.
Topics that use Consumer affordability
- Price elasticity of supply (AQA GCSE)
Related terms
- Factor mobility
- Price elastic supply
- Price elasticity of supply
- Price inelastic supply
- Production capacity
- Spare capacity
- Time periods
- Time periods in economics
Using Consumer affordability 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.
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