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Syllabus 2.7
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.
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Worksheets:
Video 1: Welker explains equation of a line (HL only)
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2.7 - Key Terms 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 |
