91399 The Efficiency of Market Equilibrium - Home Use
91399 The Efficiency of Market Equilibrium - Home Use
LearnWell Digital
This version of the resource is for home use. Students work independently through the resource. If you are a teacher, you should purchase the school use version.
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In this course you’ll learn what you need to know to meet NCEA Level 3 Economics Achievement Standard 91399 (Economics 3.1) ‘Demonstrate understanding of the efficiency of market equilibrium’ (4 credits, version 2).
This course is divided into three sections:
1. Market equilibrium and efficiency
In this section you’ll learn about how to use the supply and demand model to illustrate market equilibrium, consumer surplus, producer surplus and allocative efficiency. You’ll also learn about how changes in supply and demand impact allocative efficiency.
2. Changes imposed by government on market equilibrium
In this section you’ll learn about how government interventions affect market equilibrium and allocative efficiency. You’ll look at sales taxes, subsidies, price controls and quotas.
3. Changes in international trade markets
In this section you’ll learn about how changes in international trade markets affect different market participants and allocative efficiency.
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