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    ‘Commodities are vital as the raw materials and energy sources to make finished products.’Using the data in the extracts and your economic knowledge, assess whether marketforces should be left to determine the price of commodities such as potash, oil and gas.

    Was wondering if anyone had answered this question and could explain how they answered? Finding it hard to find points to write about/evaluate upon.

    Thanks
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    (Original post by Karan8298)
    ‘Commodities are vital as the raw materials and energy sources to make finished products.’Using the data in the extracts and your economic knowledge, assess whether marketforces should be left to determine the price of commodities such as potash, oil and gas.

    Was wondering if anyone had answered this question and could explain how they answered? Finding it hard to find points to write about/evaluate upon.

    Thanks
    You should be looking at advantages of the free market (price mechanism, avoiding government failure) and contrast with government intervention (correcting market failure, policies)
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    (Original post by keynes24)
    You should be looking at advantages of the free market (price mechanism, avoiding government failure) and contrast with government intervention (correcting market failure, policies)
    What definition in context should I ideally begin with? Also which diagram would be most beneficial drawing and explaining?
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    (Original post by Karan8298)
    What definition in context should I ideally begin with? Also which diagram would be most beneficial drawing and explaining?
    The definition is based on what the question is. Which definition you start with is irrelevant as long as you are answering the question. Same with diagrams, there is not best or worst diagram, as long as it is correct and you are answering the question then it's fine. For the question you posted, negative externalities for example since I think damage to the environment is mention in the context.
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    Here is the link to the contexts:
    http://filestore.aqa.org.uk/resource...-71351-SIN.PDF
 
 
 
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