Economics GCSE
Elasticity classification
What Elasticity classification means in Economics GCSE, as defined for AQA.
Definition of Elasticity classification
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Reference: AQA
A value greater than 1 means price elastic demand, a value between 0 and 1 means price inelastic demand, and exactly 1 indicates unitary elasticity.
Topics that use Elasticity classification
- Price elasticity of demand (AQA GCSE)
Related terms
- Consumer responsiveness
- Interpretation of numerical data
- Mathematical calculation in economics
- Price elastic
- Price elastic demand
- Price elasticity of demand
- Price inelastic demand
- Substitutes
Using Elasticity classification in the exam
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