how+the+market+works+&+market+failure

2.1 Economic Systems

 * ==[[file:Economic Systems.docx]]==
 * ==[[file:South Seas- worksheet on economic systems.docx]]==
 * [[file:Resource allocation- who decides?.pdf]]
 * [[file:What is the role of the government in a mixed economy.docx]]
 * [[file:How ‘mixed’ is a mixed economy.docx]]
 * [[file:How ‘mixed’ is a mixed economy.docx]]

2.2 Markets- how they //should// work

 * ==[[file:Market demand.docx]]==
 * [[file:Market demand exercises.docx]]
 * [[file:Relationships between goods.pdf]]
 * [[file:Unit 2- supply & equilibrium.docx]]
 * [[file:2f. Changes in equilibrium- plotting exercises.pdf]]
 * [[file:Changes to equilibrium price and quantity.docx]]

Assessment 1:

 * [[file:Supply and demand MC.pdf]]
 * [[file:Supply & Demand worksheet 1.pdf]]


 * [[file:3a. Price elasticity of Demand.docx]]
 * [[file:3b. Price Elasticity of Supply.docx]]

Assessment 2:

 * [[file:4a.Demand and Supply- worksheet (dragged).pdf]]
 * [[file:elasticities multiple choice (dragged).pdf]]
 * [[file:Extended Response Question.docx]]

2.3 Markets- how they often //don't// work properly
When markets provide too much or too little of a good or service we say that the market has failed- **MARKET FAILURE**
 * [[file:External costs and benefits-intro.doc]]
 * [[file:6b. externality pictures.pdf]]
 * [[file:Private & social costs and benefits.docx]]
 * [[file:Government response to market failure caused by externalities.docx]]
 * [[file:The economic effects of a tax on producers.docx]]

Review your knowledge:
 * [[file:Year 10 Review Unit 2.docx]]
 * [[file:Social Costs & Benefits- worksheet.pdf]][[file:Worksheet_answers_4.pdf]]
 * [[file:Multiple Choice on Social costs & benefits.pdf]]