Economics class video: Are high petrol prices killing the American dream?
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Specification:
Demand and Supply, Elasticity, Behavioural Economics and Government Intervention
Click to watch the short video below and then answer the questions:
Are high petrol prices killing the American dream?
Using the video, analyse at least two reasons for why there is so much demand for petrol in America
Discuss the elasticity of demand for petrol in America from both a price and income point of view, using the information provided in the video. How might this change over time?
Using a demand and supply diagram, explain why petrol prices are so high
Explain what is ‘heuristics’ using the video and give other examples from economics
Analyse two different types of government intervention that can be used to reduce petrol prices
Gavin Simpson and Pete Clift, Economics In Ten podcast
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