1. Buffer Stock Schemes
Must know what the terms price ceiling, price floor and buffer stock mean.
Should understand how price ceilings and price floors affect different markets.
Should be able to use a diagram to explain the concept of a buffer stock scheme.
Could be able to consider the importance of elasticity when examining price ceiling, price floor and buffer stock schemes.

9. Buffer Stock Scheme What is a buffer stock scheme?
Which type of countries tend to adopt buffer stock schemes?
Why will a government set a price ceiling below the equilibrium price?
If you finish:
Draw a diagram to show the scenario when the price ceiling is set below the equilibrium price.
What are the problems with buffer stock schemes?

10. Buffer Stock Schemes
Must know what the terms price ceiling, price floor and buffer stock mean.
Should understand how price ceilings and price floors affect different markets.
Should be able to use a diagram to explain the concept of a buffer stock scheme.
Could be able to consider the importance of elasticity when examining price ceiling, price floor and buffer stock schemes.