1.1.4 Elasticity

Question 1

Elasticity

Answer 1

The ability of something to stretch or expand and then return to its original size and shape.

Question 2

Substitutes

Answer 2

Things that can be used instead of something else

Question 3

Proportion

Answer 3

The size or amount of something compared to the whole

Question 4

Inelastic

Answer 4

Not easily stretched or expanded.

Question 5

Revenue

Answer 5

The income that a company receives from its business activities.

Question 6

PED

Answer 6

Measures responsiveness of demand as a result of a change of price. ​

Question 7

PES

Answer 7

It measures how much the quantity of a product businesses are willing to sell changes when its price changes.

Question 8

Elasticity

Answer 8

The ability of something to stretch or expand and return to its original size or shape

Question 9

Responsive

Answer 9

Quick to react or respond to something

Question 10

Inelastic

Answer 10

Not easily stretched ro expanded : not responsive to change

Question 11

Capacity

Answer 11

The maximum amount that something can hold or produce

Question 12

Factors

Answer 12

Things that contribute to a particular result or situation