REAL WORLD ISSUE: How do consumers and producers make choices in trying to meet their economic objectives?

The Basics of Demand

How sensitive is demand to price? (PED)

HL PED and Primary Commodities and Manufactured Goods (HL ONLY)

PED & Govt and firm decisions

How sensitive is demand to Income? (YED)

The importance of YED for firms and the structure of the economy (HL ONLY)