No more cheap chips

Potato crops in the Northern Hemisphere have been destroyed by the after affects of a tsunami.

·         Define supply and demand   (1 mark)

·         What factors affect supply and demand – at least 2 examples for each   (4 marks)

·         Explain what would happen to the supply and demand of potatoes following a natural disaster (4 marks)

·         The Great Potato Famine of Ireland during the 1800s, where millions of potatoes were destroyed has been relived by the tsunami which recently saturated the ground and subsequently destroyed crops in a similar way. Explain how the supply and demand of potatoes would affect price and identifying substitutes. Also mention a possible technique to producing potatoes that would not be affected by a similar natural disaster and take into account other affects of global warming.  (6 marks)

Exam Questions

Rahim & Yaseen
Our questions:


Define Demand ( 2 marks)


Draw a supply and demand diagram for the potato crops in 2011, then plot down the change in 2012 with a  new equilibrium. ( 4 marks)


Explain this change from 2011 to 2012 and relate this to a new equilibrium. ( 4 mark)


To what extent does the modern technology carry an effect on the supply of potatoes? ( 6 mark)


http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-potatoes

Spain Olive Oil Exam Question

Section A

(You are advised to spend approximately 20 minutes on this question. You are also advised to make use of the data provided in your answers.)

1)      Spain is the world’s largest producer of Olive Oil. In 2005, production of olive oil fell due to Spain’s worst drought since records began. This affected the supply of olive oil produced through the years 2005-2008.

a.      How is the supply of olive oil affected by the drought (2)

b.      Why would the price of olive oil increase after the drought? Explain your answer (4)

c.       Draw a demand and supply diagram to show:

                                                              i.      The equilibrium price and quantity before the drought(3)

                                                            ii.      The equilibrium price and quantity after the drought(2)

d.      Why might consumers buy imported olive oil, rather than domestic olive oil after the drought? Explain your answer (6)

Supply and Demand Questions

Name two things that affect demand (2)

Case study: armoured vehicles in Brazil:

Although crime is statically on the decline in Brazil people feel more fearful than ever and are in constant fear of armed robbery and from violent gang crime.

A decade ago there were a handful of companies that sold or outfitted armoured cars in Brazil, now that number is closer to 120. In 1998 1782 vehicles were sold compared to more than 7000 in 2008.

In 2008, the number of high net worth individuals in Brazil rose to 131,000, surpassing the number in Australia and Spain and taking Brazil to 10th on the world table of super-rich, the report said.

Draw a demand and supply curve and on it draw the change in demand for amoured cars that would be caused by a rapid decline in crime levels (4)

Explain what could cause an increase in supply of vehicle armour (4)

To what extent is demand for armoured vehicles in Brazil caused by an increase in income (6)

Our Exam questions

Lydia, Safiya and Aara's exam questions!!!!

Supply and demand

1- Define supply (2 marks)

2- Draw a demand and supply curve to show how high interest rates affect the demand for big ticket items (4 marks)

http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-minimum-price-on-alcohol

3- With reference to the source to what extent will Scotland's introduction of minimum price affect the demand for alcohol? (4 marks)

4- Evaluate the other factors that Scottish government can use to decrease alcohol consumption (6 marks)

Y11 Work

Work for today:

1) Blog your exam question you created yesterday (remember to include a case-study)

2) Answer one other exam question on the blog that has been created by one of your peers! 

3) Have a look at this video:
 http://www.bbc.co.uk/news/business-19776472  How Iranian rial value loss has affected the economy.

Answer the questions below in your books:

• Economic sanctions have affected supply of many goods. Illusttrate using demand and supply analysis, what has happened to the price of meat in Iran (which factor in the mneumonic PINTSWC best describes this shift?)  (5)
• What is the approximate dollar/rial exchange rate?  (2)
• The report says domestic firms face higher costs. If firms pass on their higher costs in the form of higher prices to protect their profits, what name do we give to this type of inflation?  (2)
• Explain two other costs of inflation.  (4)
• Are sanctions only to blame for Iran's economic woes? What other reasons are given in the report?  (3)
• A commentator says that there will be unemployment and inflation. If this is sustained, what is the special name given to this situation?  (2)

4. Create a revision mindmap on Elasticity - in readiness for a quick quiz on tomorrow!!

Price Elasticity, Income Elasticity... Everything!!

5. Knowledge recap - can you remember how interest rates work? see video here: http://www.bbc.co.uk/news/business-11238317

Y11 Work for today

Learning Objectives:

To revise the topic 'Economic Growth'

Must be able to define economic growth [Grade E]
Should be able to explain the advantages/disadvantages of economic growth [Grade C]
Could be able to evaluate how economic could be managed [Grade A]

Learning Tasks:
1) You must complete the May 2008 paper and mark your answers using the markscheme uploaded into the Y11 Economics Fronter Room.

2) You must have a mindmap in your revision book.

3) Visit the following websites:

http://www.bbc.co.uk/news/business-20262282

http://www.bbc.co.uk/news/business-20203113

http://www.bbc.co.uk/news/business-20086872

http://www.bbc.co.uk/news/business-20219525  

You will be able to add application to your notes - especially with the questions that ask you for your own country!!!

We will be going through this paper on Tuesday - REVISION is in your hands!

Revision Time

Hi All -

Its time for revision!!

Your task over today is to work on the May 2008 paper - ALL QUESTIONS need to be answered for nextTuesday.

Use http://www.tutor2u.net/ as a source of knowledge - make sure you go through and write any notes to cover any subject knowledge errors!!!