Many buyers and sellers, homogenous products, and no barriers to entry.

Measures how supply responds to price changes; note that supply is generally more elastic in the long run than the short run.

A single supplier of a unique product with high barriers to entry, often acting as a "price setter". Where to Download Term 2 Notes (PDF)

Differentiates between normal goods (positive YED) and inferior goods (negative YED). 2. Cost and Revenue Analysis

Measures the percentage change in quantity demanded relative to a percentage change in price.

Mastering Grade 11 Economics in Term 2 requires a deep dive into , focusing on market relationships, price elasticity, and cost-revenue analysis. This guide provides a comprehensive overview of the essential topics as outlined by the CAPS curriculum and directs you to high-quality resources for your economics grade 11 notes pdf download term 2 . Key Topics in Grade 11 Economics Term 2