Forms of Government Intervention: Maximum Price and Subsidies

For approximately two weeks, members in the UNIS Economic Forum (UEF) had an opportunity to create an exposé to investigate different forms of government intervention in the market. There are 5 different types of government intervention that could take place: taxes, subsidies, minimum price, and maximum price. Two groups were assigned to investigate the effect of taxes and one group each for other forms of government intervention.  

As the members of the UEF were able to do further research to have a concrete understanding of their own form of government intervention, they were able to explain the effect of government intervention through the use of visual diagrams and also apply their economic concepts to real life situations.

Here are the videos from each group: 

Tax: https://drive.google.com/file/d/1L9h7z_IbfTqigm0cyQsLeUAWkpIOoVj7/view?usp=sharing

Subsidieshttps://drive.google.com/file/d/1woYRs3JlODQny-hXhsUdsvSM0vf7Kgsb/view?usp=sharing

Maximum pricehttps://drive.google.com/file/d/1LmVCuMZOOkb5Q9ZKmpcgzCjQ70Xul64o/view?usp=sharing

Minimum pricehttps://drive.google.com/file/d/13db-pbI4vXVw7Edrvb3nU3C7MmA-PACc/view?usp=sharing

As a result, members of the UEF were able to raise TOK questions related to their chosen form of government intervention and consider both strengths and weaknesses of the government intervening the market. However, there still is a question that remains: To what extent should the government intervene in a market? 

Written by Rosan (Seung-Won) Kim