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Year 12 Recap - Price Controls

Year 12 Recap - Price Controls

The final Micro Year 12 Recap covers the topic of price controls.

Governments have a duty to protect the welfare of all economic agents across the economy and to prevent agents from being exploited by the forces of the market. One of the policy approaches a government can take is to impose a price control on the market, to ensure consumers are not exploited, and producers get a fair price for their production efforts.

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Year 12 Recap - State Provision and Regulation

Year 12 Recap - State Provision and Regulation

This Year 12 Recap video centers around the topic of some of the additional forms of government intervention such as state provision and regulation.

Governments and policymakers have to remain vigilant and alert to intervene in a market when there is a misallocation of resources away from the social optimum. These policy tools help influence the outcome in the market and help nudge the equilibrium closer to the social optimum. The knowledge of this concept is crucial, as when discussing potential remedies for markets that fail to allocate scarce resources effectively, these simple but effective policy tools can be discussed in great detail.

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Year 12 Recap - Subsidies

Year 12 Recap - Subsidies

This Year 12 Recap video centers around the topic of Producer Subsidies.

Subsidies are one of the central policy tools which can be used by a government to influence the outcome in the market to help nudge the equilibrium closer to the social optimum. The knowledge of this concept is crucial, as when discussing potential remedies for markets that fail to allocate scarce resources effectively, this simple but effective policy tool can be discussed.

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Year 12 Recap - Indirect Taxes

Year 12 Recap - Indirect Taxes

This Year 12 Recap video centers around the topic of Indirect Taxation.

Indirect taxes are one of the central policy tools which can be used by a government to influence the outcome in the market to help nudge the equilibrium closer to the social optimum. The knowledge of this concept is crucial, as when discussing potential remedies for markets that fail to allocate scarce resources effectively, this simple but effective policy tool can be discussed.

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Year 12 Recap - Negative Externalities

Year 12 Recap - Negative Externalities

Next up on our Year 12 Recap are Negative Externalities.

 If you are in Year 12, it is essential that you are confident with the basic principles of externalities and how to graphically represent this on a demand and supply diagram. This is an important topic as exam questions center around markets that fail and how policymakers can correct a misallocation of resources.

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Year 12 Recap - Positive Externalities

Year 12 Recap - Positive Externalities

Next up on our Year 12 Recap are positive externalities.

 If you are in Year 12, it is essential that you are confident with the basic principles of externalities and how to graphically represent this on a demand and supply diagram. This is an important topic as exam questions centre around markets that fail and how policymakers can correct a misallocation of resources.

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Year 12 Recap - Public Goods

Year 12 Recap - Public Goods

Our Year 12 Recap continues with the topic of Public Goods.

 The provision (or lack of) for public goods is a controversial and heated topic in microeconomics, as the question of who is best placed to provide and pay for goods and services which help satisfy basic human wants and needs is often debated amongst policymakers and politicians. Therefore, it is a relevant and probable question to appear in microeconomics exam papers and students need to be well versed in the discussion and explanation points surrounding this topic.

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Year 12 Recap - Competition

Year 12 Recap - Competition

Next up on our Year 12 Recap is the theory of competition.

 If you are in Year 12, it is essential that you are confident with the basic characteristics of a range of different market structures, as well as the factors which affect the level of contestability in the market.

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Year 12 Recap - The Price Mechanism

Year 12 Recap - The Price Mechanism

The next stop on our Year 12 Recap is the microeconomic concept of the Price Mechanism.

 If you are in Year 12, it is essential that you are confident with the basic principles and functions of the price mechanism to help understand how the interaction of demand and supply creates a prevailing equilibrium price and quantity.

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Year 12 Recap - XED and YED

Year 12 Recap - XED and YED

If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool. XED and YED are additional elasticity tools you can call upon in an exam situation to demonstrate consumers demand sensitivity to changes in the price of related goods and household disposable income. 

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Year 12 Recap - PES

Year 12 Recap - PES

On day 5 of our Year 12 Recap, we are continuing the topic of elasticity!

If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.

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Year 12 Recap - PED

Year 12 Recap - PED

We have reached day 4 of our Year 12 recap already and we are moving in to the territory of elasticity. 

If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.

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Year 12 Recap - Supply Curves

Year 12 Recap - Supply Curves

Today's Year 12 Recap is looking at the topic of supply curves. Supply curves provide economists with a graphical way of representing the quantity supplied of a good or service at any given price. Being able to understand the basic upward shape of supply curves and the distinction between a movement along the supply curve and a shift is a crucial skill amongst economists.  

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Year 12 Recap - Demand Curves

Year 12 Recap - Demand Curves

 Today's Year 12 Recap is looking at the topic of demand curves. Demand curves provide economists with a graphical way of representing the quantity demanded of a good or service at any given price. Being able to understand the basic downward shape of demand curves and the distinction between a movement along the demand curve and a shift is a crucial skill amongst economists.  

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Year 12 Recap - The Economic Problem

Year 12 Recap - The Economic Problem

The first day of our Year 12 Recap is looking at the most fundamental topic of economics: the aptly named ‘The Economic Problem’. The Economic Problem asks the question “How do we satisfy an unlimited set of wants and needs when we only have access to a limited, set of resources?”. This underpins the reason why a lot of topics in economics are studied – for example, efficiency concerns how well resources are used; this would not be a prominent concern if resources were not scarce. 

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Free PowerPoints from CPD Events

Free PowerPoints from CPD Events

A huge thank you to all of the teachers who attended our EzyEconomics CPD workshops in Bolton, London, Southampton and Worcester! Additional thanks must go to both Bolton School and RGS Worcester who kindly hosted us for two of these events.

There was a dual focus to the workshops. They focused partly on exploring different perspectives of looking at two of the new content areas for the current specification: Behavioural Economics and Banking & Finance. The remainder of the workshops was spent discussing the power of digital platforms to support teaching and the various models used to achieve this.

If you didn't manage to make it along then take a look at some of the slides used in the presentations by clicking on the full blog post.

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