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Syllabus 2.7
Intervention VID 7: Welker on Price control
VID 8: MJM on Price Control
HL only: Hp 3 PracticeVID 13: Venezuela Price Control Beef
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VID 1: Welker 1-indirect tax
VID 2: Welker on Subsidy
VID 3: Tax Incidence/Burden.
Fun: 10/10. Excellent summary of burden of a tax with expert use of diagrams and a nice table as a summary. VID 11: Black markets in Australia
VID 12: Singapore Car Market Intervention
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Worksheets:
Video 4 Tutor2U on Indirect taxes)
Video 5: What is deadweight loss ?
VID 6: Deadweight Loss Fun: 8/10. Very good. Longstreet explains nicely the concept of Deadweight Loss.
VID 9: Tutor2U on Rent Control
VID 10: Welker on Price Control
VID 14: Intervention Good + Bad
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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 |
KEY 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 |
