Demand and Supply in action - The housing market

The housing market has seen six consecutive months of price increases suggesting an upturn. We have also seen the first annual percentage price rise, 2% on the previous year.

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Stamps to go up by 3p - Price elasticity of demand

The Royal Mail has decided to increase the price of first class stamps by 3p due to a huge hole in their finances. They are hoping the proposal will rake in an extra £100 million pounds a year. Whether this tactic is successful depends on the price elasticity of demand for the stamp. Consumer Focus believe the new prices would drive away customers meaning demand would be price elastic where as the Royal Mail obviously believe demand is price inelastic as they expect to increase revenue with the price change. Click read more for some questions on PED that would suit both GCSE and A level students.

Super Starter Sunday – Economics in the news (14 June 2009)

This week’s economics in the news covers unemployment, oil prices, protectionism, and the end of the recession. The pupils have to guess the news stories using the pictures. Each picture has an explanation and web link behind it.