Lesson Starter: Petrol Price Tumbles

A fantastic example of market forces in action here as petrol prices are anticipated to fall below £1 a litre for the first time in many years.

oilprice

Activity: Use your understanding of economic concepts to explain why motorists will soon be paying less at the pumps.

Extension: Is this a good thing?

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Will economics ruin Halloween?

Read this article about this year’s most eagerly awaited event: the pumpkin harvest.

http://www.dailymail.co.uk/news/article-3278604/Pumpkins-pricey-Halloween-wet-weather-drastically-reduced-supplies.html

Task: Using your understanding of demand and supply, demonstrate how this summer’s wet weather will affect the price of pumpkins as Halloween approaches. 

Your answer should include a diagram (drawn neatly) and an explanation of what is happening in the market. You should write no more than one side of A4. 

Pumpkin
Pricey pumpkins on their way?