On the first day of Christmas -
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There are lots of aspects of economics in this little story from the Independent on Wednesday 1st December. The final section of the report into the effects of the early snow falls is about Christmas tree shortages, and links to this BBC story about Nordmann fir trees, and the two together contain several references to the A level syllabus:
1. The suppliers are affected by poor weather conditions which mean that they cannot supply the goods to market - with the aid of a diagram explain what happens to market equilibrium and why.
2. Consumers in the UK have become very fond of convenient, attractive and non-needle-dropping Nordmann fir trees - with the aid of a diagram explain likely price elasticity of demand, what happens market equilibrium, and why.
3. The EU withdraws a subsidy previously paid to producers in Denmark - with the aid of a diagram explain what happens to market equilibrium and why.
4. How can these reports be used to illustrate the rationing function of price?
5. Distinguish between the likely short-run and long-run effects on the market.
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