VID 7: Welker on Price control
VID 8: MJM on Price Control
HL only: Hp 3 Practice
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 10: Black markets in Australia
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
2.7 - Key Terms Government Intervention
1. ad valorem tax
2. direct tax
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)
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