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Title: Price controls - THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED!
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Price controls from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Price controls from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.
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Microeconomics
3
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g
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g
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to work
- ↑ price of demerit goods
ECONOMIC CONSEQUENCES
- Shortages + ∴ inefficient resource allocation
- Underground/parallel markets emerge
- Non-price rationing mechanisms
ECONOMIC CONSEQUENCES
- Surplus + ∴ inefficient resource allocation
CONSEQUENCES OF PRICE CEILING ON
STAKEHOLDERS
CONSEQUENCES OF PRICE CEILING ON
STAKEHOLDERS
Consumers
- Price ↑ ∴ ↓ affordability
- Health ↑ as ↓ consumption of demerit goods
- Consumer surplus ↓
Consumers
- Price ↓ ∴ ↑ affordability
- Excess demand/shortage
- Lower quality goods as less investment
- Consumer surplus ↓
Producers
Producers
- Revenues ↑
- Profits ↑ ∴ ↑ funds for R&D
- Revenues ↓ ∴ may lay off workers → unemp
Title: Price controls - THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED!
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Price controls from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.
Description: THE ONLY ECONOMICS REVISION SHEETS YOU'LL NEED! A crib sheet with everything you need to know about Price controls from an Economics perspective. Originally written as revision for my IB Higher Level Economics exams, these are handy for anyone studying GCSE Economics all the way up to those at university, such as myself (Management at University of Warwick). BE SURE TO CHECK OUT THE REST OF MY NOTES - I have notes for sale covering the whole of the IB Higher Level Economics course, which can also be used in a variety of different qualifications.