Economics SA Paper 2 Section B Review | Baamboozle - Baamboozle

Analyse, using a production possibility curve, effect an increase in the number of graduates will have on an economy

with a higher quality of labour, a country will be capable of producing more/there will be economic growth

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Discuss whether governments should discourage demerit goods consumption.

No, industry employs large numbers, may reduce the output/revenue from them, reducing GDP/economic growth and causing unemployment

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banana

Go to last place!

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rocket

Go to first place!

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fairy

Take points!

baam

Lose 25 points!

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What is an increase in demand?

An increase in demand is caused by a change in an influence on demand other than a change in the price of the product

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Explain two reasons university graduates usually earn more than they have not gone to university.

graduates are more likely to be skilled and this makes them more productive

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Discuss whether or not a government should impose a maximum price on food.

Yes, some people will be able to purchase food at a lower price

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Define social benefit

The total benefit to society of an economic activity or external benefit + private benefit

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Analyse how a government could promote the purchase of merit goods

Subsidise merit good producers, reducing production costs, lowering price, improving quality, making them more affordable

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Define opportunity cost.

opportunity cost is the (next) best alternative forgone

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Discuss whether governments should discourage demerit goods consumption.

Yes, they may cause external costs e.g. pollution, global warming, damaging people’s health, reducing living standards, damaging local economies

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Discuss the advantage of a market economic system.

Prices may be low, quality may be high, high efficiency due to competition and the profit motive

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Discuss whether graduate should pay the full cost of their university education.

No, poor families may not be able to afford the cost, this could reduce the number of graduates, lowering potential output, increasing income inequality

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Discuss whether graduate should pay the full cost of their university education.

Yes, they will learn new skills/gain qualifications, their employment opportunities are likely to increase, they are likely to earn a high wage

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lifesaver

Give 10 points!

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rocket

Go to first place!

Okay!

shark

Other team loses 15 points!

Okay!

banana

Go to last place!

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eraser

Reset score!

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seesaw

Swap points!

Okay!

fairy

Take points!

lifesaver

Give 25 points!

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Explain two causes of a shift of demand curve to the left.

decrease in the price of a substitute, if a substitute becomes cheaper people will switch to it

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