Minimum Prices - 2021 Revision Update
- AS, A-Level, IB
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 9 Jan 2021
In this revision video we provide an update on the use of minimum prices as a form of government intervention.
Government price controls are situations where the government sets prices for goods and services.
Minimum prices are legally-imposed price floors and are most associated with minimum hourly wage rates in the labour market or guaranteed price support schemes for farmers and other producers. They might also be a legal minimum retail price such as the minimum unit alcohol price introduced into Scotland.