EJC JC1 H2 Economics ASAP Programme 2022

Content Checklist
Before the ASAP session, please read the following from your lecture notes and complete Section A.
Topic 4: Government Intervention & the Labour Market
1. Price Controls – Price Ceiling (Pg 17 – 21); Price Floor (Pg 21 – 23)
2. Quantity Controls – Quotas (Pg 23 – 26)
Section A: Warm up Questions
With the aid of a diagram, explain how a minimum price in the market for rice affects consumers and
producers. [5]