In economics, output is the quantity of goods and services produced in a given time period The level of output is determined by both the aggregate supply and aggregate demand within an economy National output is what makes a country rich, not large amounts of money6 9708/1/M/J/02 12 In the diagram OS1 and OS2 are two straightline supply curves As price increases, the elasticity of supply A decreases along both OS1 and OS2 B increases less rapidly along OS1 than along OS2 C increases more rapidly along OS1 than along OS2 D is constant along both OS1 and OS2 13 The diagram shows the demand and supply curves for an agriculturalNov 14, 15 · November 6, 15 Igcse Economics Revision Notes, O Level Economics Revision Notes 1 Price Elasticity Of Demand, measures the responsiveness of demand to a change in price The formula used to calculate (PED) is Q1 = Old Quantity Q2 = New Quantity P1 = Old Price P2 = New Price If the answer using the above formula is less than 1 than the
/Kuznets_curve-copy-56a27de33df78cf77276a802.jpg "Understanding Kuznets Curve")
Understanding Kuznets Curve
