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Economics 1.2.5

Economics- Edexcel 1.2.5

TermDefinition
PES full name price elasticity of supply
PES measures the responsiveness of quantity supplied to a change in price
formula for PES percentage change in quantity supplied of X divided by percentage change in price of X
momentary period lasts for a very short period of time
fixed supply when the quantity of a product supplied doesn’t change when it’s price changes PES= 0
price elastic supply PES is greater than 1
price inelastic supply PES is smaller than 1
spare capacity when a business can produce more with existing resources
stocks inventories of finished or partially finished goods
supply chain different stages of making, distributing and selling a good or service
Created by: jessharris
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