Specification point 1.1.1 · Theme 1

Economics as a social science

Nature of economics · Introduction to markets and market failure

Revise this topic

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AS Paper 1, June 2024, Q5(b)Short answerDefine

1 mark

ContextChief Executive Elon Musk said “affordability” was the biggest barrier to Tesla reaching a far larger market. Before recent price cuts for its electric vehicles, he said, “We weren’t sure about what the price elasticity of demand was for Tesla. We found that even small changes in price have a big impact on demand.”

Define the term ‘ceteris paribus’.

1.1.1 · Economics as a social science

Economics as a social science revision notes

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AS Paper 1, June 2018, Q2(c)Short answerDefine

1 mark

ContextIn February 2016 the Daily Mail newspaper increased its price from 60p to 65p. By August 2016 its sales had fallen by 5.41%.

Define the term ‘ceteris paribus’.

1.1.1 · Economics as a social science

Economics as a social science revision notes

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