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Economics Commentary Word Count problem

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I've written about 1100 words excluding diagram headings, etc. Where could I possible cut down on words? Everything seems to be relevant.

Is it okay if I omit basic definitions of demand, supply and PED?

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It is quite difficult. Don't omit definitions, as that's in the criteria. Introductions, etc can usually be minimized to a sentence or so. My advice is to get a copy of the criteria, and cut out anything from your commentary which you feel doesn't address the criteria. Next, go through each individual word and phrase and see if it can be said in a more succinct manner.

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For students in grade 11, the economics curriculum has changed, therefore some of the things are excluded from the word count. On a list that my teacher gave me, it says that the definitions are not included in the word count along with many other things which I cant recall right now. I tried that and wrote about 1300 words, but still got a mediocre grade....

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