91399 The Efficiency of Market Equilibrium - School Use

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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