91399 The Efficiency of Market Equilibrium
91399 The Efficiency of Market Equilibrium
LearnWell Digital
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What you'll learn
This course covers the things you'll need to know and be able to do for Achievement Standard, 91399 (Economics 3.1) Demonstrate understanding of the efficiency of market equilibrium (4 credits, version 2).
This course is divided into three sections:
1. Market equilibrium and efficiency
In this section you’ll learn about how to use the supply and demand model to illustrate market equilibrium, consumer surplus, producer surplus and allocative efficiency. You’ll also learn about how changes in supply and demand impact allocative efficiency.
2. Changes imposed by government on market equilibrium
In this section you’ll learn about how government interventions affect market equilibrium and allocative efficiency. You’ll look at sales taxes, subsidies, price controls and quotas.
3. Changes in international trade markets
In this section you’ll learn about how changes in international trade markets affect different market participants and allocative efficiency.
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