Draw diagrams illustrating what is happening in the article
(in the full IA, these diagrams will need to be fully explained)
Terminology
List definitions of key terms related to the article
Application/Analysis (1 paragraph/bullet points)
Explain the economic concepts relevant to the article.
Evaluation (1 paragraph/bullet points)
Evaluate a solution to the problem in the article. If one is mentioned in the article, it must be that one that you evaluate. You can suggest one and evaluate that only if a solution isn't already mentioned in the article.
Homework: Prepare for test
October 9
PRACTICE TEST QUESTIONS
Government Intervention
Taxes
(a) Explain why a government might place indirect taxes on cigarettes. [10 marks]
(b) Discuss possible negative consequences that may arise from a government decision to tax a product. [15 marks]
Subsidies
(a) Explain why a government might introduce subsidies for food. [10 marks]
(b) Discuss possible negative consequences that may arise from a government decision to subsidize food. [15 marks]
Price Controls
(a) Explain why a government might impose a price ceiling on the market for rented accommodation and a price floor on the market for agricultural products. [10 marks]
(b) Evaluate the possible consequences of price controls on the stakeholders in a market. [15 marks]
(b) Evaluate the view that government intervention in agricultural markets will create more problems than it solves.
Homework: Prepare for test
October 14
TEST #2
Government Intervention
Homework: PDF READING PREFERRED HERE Oxford Text: 70-74 or