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EnglandEconomicsQuick questions
Theme 1: Introduction to markets and market failure
Quick questions on How markets work: demand, supply, elasticities and the price mechanism - Edexcel A-Level Economics A
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
Define price elasticity of demand and explain one factor that makes demand more elastic. [4 marks]
What is q2?Show answer
Examine how the price mechanism allocates resources following a poor harvest. [10 marks]
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