AQA Econ 1: Markets and market failure 1.2.6 Applications of demand and supply analysis to particular markets You should now be confident with: Demand curves The shape and slope Movements along and shifts Supply curves Equilibrium price Elasticities PED, YED, XED, PES In this module you will need to be able to demonstrate your own understanding of all of these concepts. AQA Econ 1: Markets and market failure

1.2.6 Applications of Demand and Supply Analysis to particular markets Candidates should be able to apply their knowledge of the basic model of demand and supply to markets, including commodity markets such as oil and copper markets, agriculture, health care, housing, sport and leisure http://www.youtube.com/watch?v=2YyJWEzY0vo Write a script to go with this video.

Team task In teams select one market from the list As a class you must ensure all markets are covered Each team is to prepare a presentation and hand out applying your knowledge of supply and demand to your chosen market Carry out some research into your market (there are some examples provided to get you started) Use supply and demand diagrams to explain a range of scenarios e.g. in the commodities market what happened to price as a result of US Government action? How is the World Cup affecting hotel prices in Brazil? Include factors affecting demand and supply in your market Include factors affecting elasticities in your market Commodity Agriculture Health care Housing Sport & leisure

Commodity markets The commodity market refers to all raw or primary commodities Soft commodities are grown and harvested e.g. coffee and wheat Hard commodities are extracted e.g. oil and copper The FT and BBC report on the commodity markets Primary sector industries extract raw materials or natural resources. http://www.economist.com/news/economic-and-financial-indicators/21565631-economist-commodity-price-index-ii http://www.bbc.co.uk/news/business-22223957 http://www.bbc.co.uk/news/business-22984168 http://www.bbc.co.uk/news/business-23879213 http://www.bbc.co.uk/news/uk-scotland-scotland-business-23771338 http://markets.ft.com/research/Markets/Commodities http://www.bbc.co.uk/news/business/market_data/commodities/default.stm The Economist – commodity price index. Commodities: What next after the 'super-cycle'? Global markets fall as end to US stimulus beckons. Syria: Would military strikes push oil prices to record highs? 'Worrying' decline in oil and gas production.

Agriculture Agriculture is the farming of  animals and crops for food, energy, drugs and other products used to sustain and enhance human life The Department of Agriculture and Rural Development provides comprehensive reports on trends in this market The European Commission also has a Department of Agriculture and Rural Development http://www.bbc.co.uk/climate/impact/agriculture.shtml http://www.businessweek.com/articles/2013-08-27/bad-java-poor-coffee-crop-adds-to-indonesias-woes http://www.bbc.co.uk/news/uk-scotland-22418221 http://www.bbc.co.uk/news/uk-23401072 http://www.bbc.co.uk/news/uk-22866982 http://www.bbc.co.uk/news/uk-england-northamptonshire-22248961 http://www.dardni.gov.uk/index/statistics/agricultural-and-market-prices/agricultural-market-reports.htm http://ec.europa.eu/agriculture/promotion/index_en.htm Consider the impact of climate change on the market. Bad Java: Poor Coffee Crop Adds to Indonesia's Woes. Britain's wheat crop 'down by third after extreme weather‘. Weetabix products hit. Scottish lobster catches hit by long winter, say fishermen. Farming technology to get £160m government investment.

Health care Secondary sector industries turn raw materials into partially finished or finished goods e.g. the pharmaceutical industry. Tertiary sector industries provide a service e.g. a private dentist or the NHS. The health care market deals with the diagnosis, treatment and prevention of disease, illness, injury and any other human deficiencies Operates in primary, secondary and tertiary sectors of society Operates in both the public and private sector The FT reports on the health care sector http://markets.ft.com/research/Markets/Sectors-And-Industries/Health-Care http://www.bbc.co.uk/news/business-23862212 http://www.bbc.co.uk/news/business-23860805 http://www.bbc.co.uk/news/business-17611284 http://www.bbc.co.uk/news/business-11795849 http://www.bbc.co.uk/news/health-23555314 http://www.bbc.co.uk/news/health-22758157 http://www.economist.com/news/business/21584333-hopes-and-perils-betting-cancer-treatments-lucrative-lifesavers Does the NHS need its own price comparison website? NHS 'misses A&E waiting time target‘. The Economist – Lucrative lifesavers. Private patients pay too much. Mobility aid sales face Office of Fair Trading inquiry.

Housing The housing market focuses on residential real estate Read what Wikipedia has to say about the demand and supply of housing The Guardian regularly reports on the housing market Analysis of the housing market from www.thisismoney.co.uk http://www.thisismoney.co.uk/money/mortgageshome/article-1671748/House-prices-What-expect--news-predictions.html http://en.wikipedia.org/wiki/Real_estate_economics http://www.theguardian.com/business/housingmarket http://www.telegraph.co.uk/finance/personalfinance/houseprices/10275369/UK-house-prices-rise-again-in-August-Nationwide.html http://www.bbc.co.uk/news/business-23983828 http://www.bbc.co.uk/news/business-23683099 http://www.bbc.co.uk/news/uk-politics-23677887 UK housing market has turned a corner, says government. UK house prices rising 'at highest rate since 2010. Are you a housing market winner or a loser? UK house prices rise again in August.

Sports and leisure The sports and leisure market covers a wide range of activities including sport and recreation, health and fitness, outdoor pursuits, caravanning and gaming Sports and leisure operates in both the secondary and tertiary sector PWC report on global trends in sports and leisure markets The BBC regularly reports on the business of sport How significant is the sports and leisure market to the UK economy? http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/9380157/Leisure-industry-will-drive-economic-growth-letter-in-full.html http://ow.ly/i/334HJ/original http://www.bbc.co.uk/news/world-latin-america-23775475 http://www.theguardian.com/football/blog/2013/jun/19/stop-attending-football-rising-ticket-prices?CMP=twt_gu&view=mobile http://www.bbc.co.uk/consumer/23718348 http://www.bbc.co.uk/news/health-22350807 http://www.economist.com/news/britain/21585020-parks-are-growing-more-mercenary-their-budgets-are-cut-pay-park http://www.bbc.co.uk/news/business/business_of_sport/ http://www.pwc.co.uk/hospitality-leisure/issues/sport-and-leisure.jhtml The football transfer window. Brazil World Cup: Tourism board worried by hotel prices. How elastic are football tickets? Can free leisure services get people fit? The Economist - parks