Shortages and surpluses
November 25th, 2009
The new OCR syllabus for AS business Unit F291: an Introduction to Business has increased the amount of coverage required for supply and demand. I quote:
□ describe and explain factors influencing demand and the factors influencing supply;
□ demonstrate an understanding of the interaction of supply and demand and equilibrium, explain the effects of excesses and shortages
The challenge is to teach markets in a way appropriate to business studies – us economists can go into way too much detail.
So can I recommend the biz/ed interactive graphic on Surpluses and Shortages. This shows supply and demand in action and how price changes eliminate excess supply or demand.
Related posts:
- Interactive demand and supply curves
- Managing capacity
- OCR UNIT 7: Aiding and Controlling Business Activity
