Unit 1: Commodity Prices

The economics of volatile commodity prices are a common feature of most Unit 1 Micro papers - it gives you a chance to apply your understanding of supply and demand factors and the importance of elasticities of demand and supply in explaining price movements.

And also understand some of the consequences of volatile price and output movements for different stakeholders - including consumers, producers and the government.

This BBC news article takes a look at the likely direction of world commodity prices and embraces a number of different markets that have appeared on exam papers in the past - so a useful exercise to test your revision is to read through and see how much you get first time.

Check out the revision presentation on price volatility in markets below - (it does the job for a really good AS micro answer)

Commodity Prices

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