Discuss whether or not a government should impose a maximum price on food.
it set below the equilibrium, will result in shortages, may result in firms making losses and so reducing quality of food or employment of workers
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15
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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15
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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15
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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15
Analyse how taxation could reduce market failure.
Tax revenue can be used to e.g. subsidise products with external benefits example buses
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15
Analyse, using a production possibility curve (PPC) diagram, the effect of an increase in enterprise in economy.
Enterprise is a factor of production, more enterprise increases productive capacity so it causes economic growthit causes
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thief
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fairy
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baam
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15
What is an extension in demand?
An extension in demand is caused by a change in the price of the product, rise in quantity demanded. it is shown by a movement along the demand curve
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15
Explain two advantages of conserving natural resources
resources will last longer / decrease rate of depletion, future generations will be able to benefit from the resources
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gift
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15
Define demerit goods
A product which is more harmful to consumers than they realise / the government considers, It is over-consumed / overproduced it creates external cost
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15
Define opportunity cost.
opportunity cost is the (next) best alternative forgone
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15
Define social benefit
The total benefit to society of an economic activity or external benefit + private benefit
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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
