Economics class: BP service stations close as driver shortage hits UK fuel supplies
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
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, labour markets, behavioural economics
Click to read the article below and then answer the questions:
BP service stations close as driver shortage hits UK fuel supplies
Define supply.
Using a demand and supply diagram, analyse the effects of the tanker driver shortage on the retail market for unleaded and diesel grades.
Using a labour market diagram, analyse the effects of the tanker driver shortage on drivers’ equilibrium wage.
In recent days, panic buying has been widespread causing huge traffic congestion close to petrol station forecourts. Evaluate the extent to which consumers are behaving rationally.
Gavin Clarke, Emmanuel College
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