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2.2 revision - Coggle Diagram
2.2 revision
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Key Words
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Elastic – When the percentage change in quantity demanded is greater than the percentage change in
price
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Subsidy – An amount of money the government gives directly to firms to encourage production and
consumption
Inelastic – When the percentage change in quantity demanded is less than the percentage change in price
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Key Terms
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Movement along the curve – When the price changes, leading to a movement up or down the existing
curve
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Demand – The willingness and ability to purchase a good or service at the given price in a given time period