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1.5 How might the change in price of a good or service be explained?

What students need to learn:

Students should be able to:
Additional Guidance Notes
Price mechanism
Apply the price mechanism in markets, such as goods, services, commodities or labour.
Students should be able to apply the determinants of demand and supply to various markets, for example, price of stock market shares, oil, precious metals and agricultural commodities.
Indirect taxes and subsidies
Use supply and demand analysis to demonstrate the impact and incidence of taxes and subsidies on consumers, producers and the government.
Students should be aware of the importance of elasticities of demand and supply, for example, in relation to government indirect taxes and subsidies.

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