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15
×
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
×
Define social benefit
The total benefit to society of an economic activity or external benefit + private benefit
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banana
Go to last place!
Oops!
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gift
Win 25 points!
Okay!
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shark
Other team loses 25 points!
Okay!
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lifesaver
Give 10 points!
Oops!
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thief
Give points!
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25
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shark
Other team loses 10 points!
Okay!
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gift
Win 25 points!
Okay!
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baam
Lose 15 points!
Oops!
15
×
Define price-inelastic demand
When demand changes by a smaller percentage than the change in price and when PED is less than 1.
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15
×
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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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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15
×
Discuss the disadvantage of a market economic system.
Poor consumers will have little influence on what is produced as they have little purchasing power
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15
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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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15
×
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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15
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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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thief
Give points!
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25
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fairy
Take points!
5
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25
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fairy
Take points!
5
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20
25
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baam
Lose 25 points!
Oops!
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monster
Reset all scores!
Oops!
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gift
Win 25 points!
Okay!
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rocket
Go to first place!
Okay!
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lifesaver
Give 5 points!
Oops!
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 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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