This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.
Specification:
-
Demand, supply, consumer surplus, producer surplus
Click to read the article below and then answer the questions:
Opec+ sticks with oil supply increase after US overture to Saudi Arabia
-
Define the terms:
i) Demand
ii) Supply
-
Using a diagram, distinguish between producer and consumer surplus
-
Using a demand and supply diagram, analyse the effects of Saudi Arabia’s agreement to continue increasing its monthly oil production
-
Using a demand and supply diagram, analyse the effects of an increase in the supply of oil on consumer surplus and producer surplus
Gavin Clarke, Emmanuel College