1.2.3 PED Price elasticity of demand - Theme 1 Edexcel A Level Economics
This double lesson introduces learners to price elasticity of demand - a tricky concept at first but this resource breaks everything down step by step with plenty of calculation and essay exam practice. We start by looking at the concept of elasticity with an engaging Eastenders starter, we learn the key formulas needed to tackle any PED questions before looking at examples of some inelastic products.
Students have the opportunity to calculate PED questions with answers on the board to show how answers are reached. We then go on to look at factors that affect the price elasticity of a product and apply this theory to a Nando's 8 mark question - structure guidance and a model answer is provided for students to look at before peer assessing and responding to WWW and EBI.
Another bonus question is included which is based on tobacco cigarettes vs vaping, students consider the different elasticities of the two products and explain why they might be different, full model answer provided for the class to look at and assess together.
Two links to kahoot quizzes and a box plenary to finish with.
Colourful, concise and engaging slides!