Economics GCSE
Price elastic
What Price elastic means in Economics GCSE, as defined for AQA.
Definition of Price elastic
Check what you remember
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Reference: AQA
When the result, ignoring the negative sign, is greater than 1, meaning consumers are highly responsive to price changes.
Topics that use Price elastic
- Price elasticity of demand (AQA GCSE)
Related terms
- Consumer responsiveness
- Elasticity classification
- Interpretation of numerical data
- Mathematical calculation in economics
- Price elastic demand
- Price elasticity of demand
- Price inelastic demand
- Substitutes
Using Price elastic in the exam
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