Syllabus 1.3
Intervention
Economics Fun: 10/10. Excellent summary of burden of a tax with expert use of diagrams and a nice table as a summary.
Economics Fun: 8/10. Very good. Longstreet explains nicely the concept of Deadweight Loss.
Worksheets:
1.3 - Government Intervention

1.     ad valorem tax

2.     direct tax

3.     disequilibrium

4.     flat rate tax

5.     glut (due to price control)

6.     incidence of a tax (impact of elasticity)

7.     indirect tax

8.     price ceiling (maximum price)

9.     price control

10.  price floor (minimum price)

11.  subsidy

12.  rent control

13.  parallel/black/informal market

14.  minimum wage

Phrases from syllabus:

1.     welfare impact of indirect taxes

2.     price support for agricultural products

3.     shortage due to price control

4.     surplus due to price control

Picture
135 Deadweight Loss