This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.

Specification:

  • Demand and supply, specialisation and trade and elasticity

Click to watch the short video below and then answer the questions:

  • Using demand and supply analysis, what is expected to happen to the price of French wine in 2021 given the information in the video. Explain your answer

  • Explain the concept of comparative advantage and discuss how climate change is disrupting the comparative advantage for countries like Italy and the USA

  • Given the information in the video, is the average global price for wine likely to increase or decrease by the year 2050?

  • Using the video and your own knowledge, discuss the price elasticity of supply for wine

Gavin Simpson and Pete Clift, Economics In Ten podcast

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