ILO:
a) Equilibrium price and quantity and how they are determined
b) The use of supply and demand diagrams to depict excess supply and excess demand
c) The operation of market forces to eliminate excess demand and excess supply
d) The use of supply and demand diagrams to show how shifts in demand and supply curves cause the equilibrium price and quantity to change in real-world situations
a) Equilibrium price and quantity and how they are determined
b) The use of supply and demand diagrams to depict excess supply and excess demand
c) The operation of market forces to eliminate excess demand and excess supply
d) The use of supply and demand diagrams to show how shifts in demand and supply curves cause the equilibrium price and quantity to change in real-world situations
Price determination
Watch the following revision webinars on price determination:
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Y1/IB 5) Market Equilibrium & Disequilibrium
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Equilibrium Prices in Markets I A Level and IB Economics
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Case studies:
Explain using supply and demand analysis, the changes in the following markets:
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Cineworld considering closing all U.S., UK cinemas
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Black Market Avocados, Past and Present | HowStuffWorks NOW
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Explain how the price of the following two G/S has changed using S&D diagrams? (5 marks)
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Why is chicken so cheap? | The Economist
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Why are music festivals so expensive? | The Economist
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Task:
Research 3 up to date news stories which discuss the change in price of a G/S and explain what led to the price change.
Research 3 up to date news stories which discuss the change in price of a G/S and explain what led to the price change.