Watch the two videos in the links below. Each describe a market in Florida and the governmentâ€™s involvement in that market. For each video draw a supply and demand graph that shows the situation and explain your graph. For both markets, explain the effects on price and quantity from government involvement. For the market in Tampa identify the economic concept. Florida decided not to deregulate interior designers. Do you think our government made the right decision? For both markets what group benefits the most from the governmentâ€™s actions. Do you agree with the governmentâ€™s actions? (You can agree with both, disagree with both, agree with one and disagree with the other). Explain your opinion using economic reasoning.
There should be two graphs in your answer. One for each market. Remember to show an equilibrium starting point and then show the changes caused by the government action.
http://www.youtube.com/watch?v=X30V2EyRV9M (Links to an external site.)