Other Application

Question 1

Give an example of a state controlled industry in a command economy

Answer 1

North Korea, state controlled heavy industry e.g. in iron and steel, lead to huge developments in 1960s

Question 2

How did the Financial Crisis cause economic uncertainty

Answer 2

Increase in zero hours contracts (causing underemployment), people felt less secure in their job, so less stable income and less consumption and demand

Question 3

Give an example of a minimum prices scheme and what it did

Answer 3

CAP in Europe, encouraged European farmers to increase production whilst holding them to strict safety standards, provide Europe with safe food supply