17 November – IB Economics Review Your feedback Price controls What are price controls? How do they look on a diagram?

Briefly explain the implications for producers (and the economy as a whole) of having a YED that is relatively low for primary products, relatively higher YED for manufactured products and even higher for services. m/category/study-guide/

Paper 1 Practice Questions 21 November – Section 1.2 (Elasticity) – May prepare notecard 4 December – Sections 1.2, 1.3 – No notecards or notes

Note the following: You’ll have a few class periods for review/revision. The Economics course will be a bit lighter the next few weeks (i.e. not much out of class work). Remember that the midterm is just on Section 1.2 (Elasticities).

1.3 Government intervention 1.Indirect taxes 2.Subsidies 3.Price controls (today’s focus)

What should the teacher…?

start doing? More support with concepts we don’t understand Help with dictionary definitions Connect to real-world issues more often Connect previous concepts to new ones Get to know us better More individual assessment Explain certain assignments better Projects More practice questions

stop doing? Using a lot of paper Being prescriptive with reading (syllabus) notes, class notes and dictionary cards

Adjustments to the portfolio If the “your choice” part of the dictionary card isn’t useful, you may drop it (without any penalty). If you’ve included certain notes on the cards, don’t worry about including them in the reading (syllabus) notes. I’d like to stick to the deadlines for now, but next year we can talk about adjusting them. * Do focus on basing the reading notes on the syllabus items.

continue doing? Revise/Review often (although there is the jumping back and forth) Interactive activities Practice on the whitewall Many different kinds of activities

Other May we take notes in class? Could you provide informal feedback on practice questions?

What are the two categories of price controls?

Syllabus Items 30 Explain why governments impose price ceilings, and describe examples of price ceilings, including food price controls and rent controls. Draw a diagram to show a price ceiling, and analyse the impacts of a price ceiling on market outcomes. Examine the possible consequences of a price ceiling, including shortages, inefficient resource allocation, welfare impacts, underground parallel markets and non-price rationing mechanisms.

Syllabus Items 32 Explain why governments impose price floors, and describe examples of price floors, including price support for agricultural products and minimum wages. Draw a diagram of a price floor, and analyse the impacts of a price floor on market outcomes. Examine the possible consequences of a price floor, including surpluses and government measures to dispose of the surpluses, inefficient resource allocation and welfare impacts.

Rent Control Apartments in New York A ec

Other price controls in the news 1.Go to Google News. 2.Search under “price controls” or a similar phrase. 3.Choose or write a headline for the price control. (Try not to all choose the first few search items.) 4.Draw the appropriate diagram on a sheet of paper. 5.Label the diagram with your headline.

Syllabus