Determining the Effects of Price Ceilings and Price Floors

This video lesson will explore two types of government intervention in the markets for particular goods and services: price ceilings and price floors. We will examine who, exactly these interventions are intended to help, and look at the net effect they will have on resource allocation and overall welfare in a particular market. We will examine the market for Butter in Europe and the market for Petrol in China.

Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870

• #education
• #price_controls
• #ib_economics
• #government_intervention
• #price_ceilings
• #price_floors
• #microeconomics
• #product_markets