Supply and demand analysis allows to investigate how the operation of markets, or sometimes the failure of markets.
Through supply and demand analysis identify the factors in determining the price of private housing in the UK. Support your analysis with the use of supply and demand graphs.
Explain the main government/ economic policies that can be used to enhance the demand for private housing in the UK.
Understanding of the language of economics. Knowledge of the methodology and models used in this area and their application to real- world situations.
Factors need to be clearly identified. These could include:
The income effect
Regional / local demand factors
This is not an exclusive list.
Diagrams included. Demand to right / left and the effect on private house prices. Supply to right / left and the effect on private house prices.
Task 2 assessment criteria
Understanding of the basic methodology and models used in this area and their application to real- world situations.
Intellectual, practical effective and transferable skills. Achieved through the ability to analyse hypothetical and/or real world situations that occur in economics.
The main economic policies. These could include
Right to buy schemes/ affordable home ownership schemes
Planning permissions/ green belt land.
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