The Economic Problem and Markets · Microeconomics

Price Determination

Analysis of how the interaction of supply and demand establishes equilibrium prices in a free market.

Key Questions

  1. 1How do shifts in consumer preference alter market equilibrium?
  2. 2What happens to social welfare when prices are fixed by law?
  3. 3To what extent do price signals effectively communicate resource scarcity?

National Curriculum Attainment Targets

A-Level: Economics - Price Determination in Competitive MarketsA-Level: Economics - Demand and Supply Analysis
Year: Year 12
Subject: Economics
Unit: The Economic Problem and Markets
Period: Microeconomics

Suggested Methodologies

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