Government Interventions: Price Controls
Students analyze the effects of price ceilings and price floors on market equilibrium, surpluses, and shortages.
Key Questions
- Evaluate who benefits and who bears the costs of government price ceilings.
- Analyze the unintended consequences of minimum wage laws.
- Predict the impact of a price floor on agricultural markets.
ACARA Content Descriptions
Suggested Methodologies
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More in The Price of Everything: Markets and Choices
Scarcity, Choice, and Opportunity Cost
Students explore the fundamental economic problem of scarcity and how it necessitates choices, introducing opportunity cost.
2 methodologies
Production Possibilities Frontier
Students use the Production Possibilities Frontier (PPF) model to illustrate scarcity, choice, opportunity cost, and efficiency.
2 methodologies
Demand: Determinants and Shifts
Students differentiate between movements along the demand curve and shifts of the entire demand curve, identifying key determinants.
2 methodologies
Supply: Determinants and Shifts
Students differentiate between movements along the supply curve and shifts of the entire supply curve, identifying key determinants.
2 methodologies
Market Equilibrium: Supply and Demand
Students examine the laws of supply and demand and how they reach equilibrium in a competitive market.
3 methodologies