ILO:

a) Functions of the price mechanism to allocate resources:
o rationing
o incentive
o signalling

b) The price mechanism in the context of different types of markets, including local, national and global markets
Starter: Consider both how & why the price of the following G/S have changed - The changing price of everyday goods and services . You'll need to estimate how much certain items have changed in price and explain why this has happened.

Functions of the price mechanism

Explain the impact of the price mechanism for the food market in Singapore. (5 marks)
Food prices in Singapore rise as shipping costs spike amid COVID-19 pandemic
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Watch the revision webinar to consolidate your understanding of the price mechanisms:
Explaining the Price Mechanism I A Level and IB Economics
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Price Mechanism in different markets

Regional:
​Examine two causes of regional price variations in housing. (8)
Vegan food industry takes the UK by storm | Money Talks
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National:
Explain the role of the price mechanism in the vegan market.
The Vegan Economy Has Arrived
Global :
Explain the significance of the price mechanism in global markets.
What is OPEC? | CNBC Explains
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Government intervention in markets

Assess the need for Government intervention in the housing market. (10 marks)
Housing crisis: Could London learn from Europe? - BBC London
Assess the need for Government intervention in the energy market. (10 marks)
Rising energy prices affect everyone​

TWE factors associated to the price mechanism

Examine two factors preventing the price mechanism from working efficiently in the housing market. (8 marks)
Why are houses so expensive?
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