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(2) 2011 PJC Prelim H1 Paper Q3(a) Using demand and supply analysis, explain the use of price controls toprevent excessive price changes.[10]Interpret the QuestionCue Word(what are the skillsrequired for thisquestion?)ExplainCausal explanation of- how price ceilingcan curb priceincreases- price floors can curbexcessive price fallsConcepts(what are the conceptsrequired to answer thisquestion?)- Price Controls- Demand, Supply &Market EquilibriumSchematic MapContext(what is the context for thisquestion?)General“Excessive”Key wordIntroduction-Explain circumstances where price changescan be considered excessive- explain causes of excessive price changes- introduce dfferent types of price controlsPrice Ceiling- Define and explain why it isused to prevent prices fromrising beyond desired level- Diagram- Explain impact of priceceiling ie. shortage arisesPrice Floor- Define and explain why it isused to prevent prices fromfalling beyond desired level- Diagram- Explain impact of priceceiling ie. surplus arises
ConclusionSummarise and link to part (b)Thinking processIntroductionIntroduction- Explaincircumstanceswhere pricechanges can beconsideredexcessive.In the free market system, prices are determined by the interaction ofdemand and supply. However, in some cases excessive pricechanges can cause macroeconomic problems such as inflation orworsen the distribution of income in the economy. Thus thegovernment may opt to curb price increases through the use of aprice ceiling and excessive price decreases in the form of a pricefloor.
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ST ANDREW’S JUNIOR COLLEGEH1 ECON
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