A level Business Revision - Income Elasticity

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In this A level Business revision video, we examine the concept of income elasticity. This topic is on the new AQA Business syllabus, the new OCR syllabus and the new edexcel syllabus, though they differ on whether they require to calculate income elasticity or just interpret it.
A level Business Studies Revision from TakingTheBiz.
See more of our videos: / takingthebiz

Пікірлер: 23

@bencoffey9775 Жыл бұрын

Got my exam in like 20 minutes, this has saved me

@FramptonBtw Жыл бұрын

lord have mercy

@MultiSciGeek 5 жыл бұрын

I finally understand this! Thank you so much for those examples that put abstract concepts into context!

@Bulikhumalo 6 жыл бұрын

wow this is so helpful . Well explained . Thank you

@ellew2202 4 жыл бұрын

I'm starting A-Level Business this September, so I've decided to study ahead. What factors affect YED, and how? It'd be great if you respond! Brilliant video, by the way!

@TakingTheBiz 4 жыл бұрын

Hi. Thanks for the feedback. If you head over to my Instagram page instagram.com/takingthebiz/ I put out a post as part of my InstaRevision series that should answer your question. Hope it helps!

@ellew2202 4 жыл бұрын

@@TakingTheBiz Brilliant! I'll check it out later this evening, thank you so much sir!

@vanessa42311 7 жыл бұрын

All of these videos have really helped my understanding of the content and spec! Thank you so much! However, even though my understanding of the theory is good, sometimes the wording of the question really throws me. I know its all down to reading the question carefully, but do you have any tips for tackling a really long winded question?!Thanks again!!

@TakingTheBiz 7 жыл бұрын

I'd say you've already cracked two of the main tips in your original questions - you've identified that you have a problem interpreting the question and you've diagnosed the need to read it carefully - that's pretty good IMO. In addition, watch out for the questions that mention two different topics in the same question. For example, 'is a low cost producer strategy the best strategy to pursue during a recession' - with this question, students launch into writing about being a low cost producer and forget the second part of the question about being in a recession. If you analyse the strengths and limitations of being a low cost producer without linking it's effectiveness during a recession, you're not really answering the question. Good luck tomorrow - hope the questions are kind (and not long winded)

@norahmoyo7505 5 жыл бұрын

surely this is very helpful. thank you sir

@zenalevay2541 6 жыл бұрын

"more basic breakfasts like gruel" XD

@findlayhammett620 Жыл бұрын

With PED, if it's +1, does that mean it's positively elastic in the market (demand goes up), like YED, or in PED is it only measured in -minuses?

@LoraaRosee Жыл бұрын

Hi Sir, Thank you for your informative teaching. I have a question regarding to the % change in income. How are we gonna knw this % in real world? Data analysis?

@fazedank4537 6 жыл бұрын

Wait so for Income inelastic goods, as income rises, demand rises but not as much as the percentage increase for income? Also what if the value is exactly 1, will demand increase by exactly the same rate as the income rises by? Also what would be classified as a normal good? Thanks!

@TheLegitAllRoundGame 6 жыл бұрын

Yeah for inelastic that is right. The rise in income rises more than the rise in demand. This is because consumers dont need more of the necessities. For example, if you earn 10x more than you were previously earning you wouldn't go and purchase 10x more bread for that week'; simply because you dont need to. And if the YED is exactly 1 then the demand increases at the same rate as the income like you said