The Economic Problem and Markets · Autumn Term

Price Elasticity of Demand (PED)

Measuring the responsiveness of quantity demanded to changes in price.

Key Questions

  1. Calculate the price elasticity of demand for various products.
  2. Evaluate why businesses consider PED when setting prices.
  3. Explain how the availability of substitutes affects a product's elasticity.

National Curriculum Attainment Targets

GCSE: Economics - Demand and Supply
Year: Year 10
Subject: Economics
Unit: The Economic Problem and Markets
Period: Autumn Term

Suggested Methodologies

Problem-Based Learning

Tackle open-ended problems without predetermined solutions

35–60 min

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Case Study Analysis

Deep dive into a real-world case with structured analysis

30–50 min

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