question
Basic Economic Problems
answer
- Water Scarcity in India and China
- Food Scarcity (World Hunger)
- Food Scarcity (World Hunger)
question
Demand Shift Right
answer
-UK Housing (Due to low interest rates, and higher cost of substitutes like rent)
-Coffee and Make-up in India (changes in trends and preferences)
-Fast Food (Falling income raising demand for inferior good)
-Coffee and Make-up in India (changes in trends and preferences)
-Fast Food (Falling income raising demand for inferior good)
question
Demand Shift Left
answer
-UK Landline Phones (opposed to mobile phones)
-Newspapers (use of online news outlets)
-Public Transport in China (incomes are rising, people buy more cars)
-Newspapers (use of online news outlets)
-Public Transport in China (incomes are rising, people buy more cars)
question
Supply Shift Right
answer
-Oil/Fracking (due to new technology)
-Bumper Harvests (like oranges, wheat, corn from good weather)
-Indian Subsidies for Fuel, Rice, Gas
-Bumper Harvests (like oranges, wheat, corn from good weather)
-Indian Subsidies for Fuel, Rice, Gas
question
Supply Shift Left
answer
-Gas/Electricity due to poor weather across Europe (made distribution difficult as pipes had frozen up)
-China Manufacturing (increasing costs of production)
-China Manufacturing (increasing costs of production)
question
PED Inelastic
answer
Cigarettes, Alcohol, Fuel, Fast Food, Sugary Drinks, Rail Travel
question
PES Inelastic
answer
Electricity/Gas, Commodities, Housing
question
XED Complements
answer
Coffee Machines and Capsules, Games and Consoles, Shaving Cream and Razors
question
XED Substitutes
answer
Trainers, Phones, Fast Food Burgers
question
YED Normal Goods (income goes up, demand goes up)
answer
Cars, Foreign Holidays, Designer Clothing
question
YED Inferior Goods
answer
Cheap Clothes, Fast Food, Public Transport
question
Indirect Taxes
answer
Fuel Duties, Cigarette Duties, Alcohol Duties, Sugar Tax, VAT (%), Carbon Tax
question
Subsidies
answer
Solar Panels, Electric Cars, Agriculture USA, Fuel Gas Rice India, Vaccinations,
question
Minimum Price
answer
EU Common Agricultural Policy (To protect farmers) CAP, Scottish Alcohol Minimum Price, Ivory Coast Cocoa and Cashews,
question
Maximum Price
answer
Venezuela Staple Food Items, Rent Control (New York and Paris), Proposed Rent Control in UK.
question
Negative Externality P
answer
Chemical/Metal Manufacturing, Resource Depletion, Deforestation,
question
Negative Externality C
answer
Cigarettes, Alcohol, Fast Food, Sugary Drinks
question
Positive Externality C
answer
Education, Vaccinations, Healthcare, Public Transport
question
Positive Externality P
answer
In Work training (other firms benefiting from this), R&D (other firms can copy/steal developed tech ideas like android phones and face ID from apple)
question
Public Goods
answer
Flood Defenses, Roads, Beaches, Street Lights, Road Signs
question
CARs
answer
Air, Sea, Forests
question
Regulation of Demerit Goods
answer
Bans, Age limits, Quotas, Tariffs, Bans on Advertising, In France there is a ban on refilling sugary drinks at fast food places. Time restrictions (like alcohol times/sunday alcohol stores closed in USA)
question
State Provision
answer
Schools in the UK, Healthcare
question
Trad able Pollution Permits
answer
Kyoto Protocol
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