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IGCSE ECONOMICS REVISION
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Price Elasticity of Demand (PED)
PED: The price elasticity of demand measures the responsiveness of consumer demand to changes in price of goods and services. Price...
IGCSE Economics Revision
Opportunity Cost
The cost expressed in terms of the next best alternative sacrificed. It is the loss of other alternatives when one alternative is chosen....
IGCSE Economics Revision
PPC: Production Possibility Curve/ PPF: Production Possibility Frontier
The production possibility curve is a hypothetical representation of the amount of two different goods that can be obtained by shifting...
IGCSE Economics Revision
Demand
Demand can be defined as the w ant or willingness of consumers to purchase goods or services. Effective Demand: When consumers have...
IGCSE Economics Revision
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