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The Study Field of Economics
Factors of Production
Opportunity Cost
Economic Systems
Production Possibilities Curve
Circular Flow Model
Demand, Supply and Prices
Changes in demand and supply
Consumer and Producer Surplus
Government intervention
Theory of demand
Price elasticity
Other elasticities
Theory of supply: Cost of production
Perfect competition
Imperfect competition
Labour market
Price elasticity
Price Elasticity – Activities
Overview – Price elasticity
Topic outcome
Reflection
What do we do when prices increase?
Description of price elasticity of demand
Measurement of price elasticity of demand
The price elasticity coefficient
Calculate Percentage Change In Price And Percentage Change In Quantity Demanded
Arch elasticity: Midpoint method
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