This is an Internal Assessment Commentary for the IB Diploma.
A commentary on an article (attached) should be written, meeting specific criteria (also attached). Note that the commentary must include a diagram.
Key concept chosen: Scarcity
No other sources than the article can be used.
This is the plan submitted for the commentary:
Plan:
I will link this news article to the key concept scarcity. Therefore, I will start by explaining the concept together with the terms price ceiling and negative externalities. I will also discuss shifts in demand and supply curves, and shortages. The story discusses the problem of price ceilings on the rental market in Berlin. I will explore the article with an economic theory lens. The diagram I will refer to will be a diagram of the effect of government interventions, with a price ceiling and the consequences for all stakeholders. The story discusses the solution of removing the price ceiling. It also discusses expropriation as a solution. I will discuss the potential result of removing the price ceiling from the rental market. In my evaluation, I will state who are affected by the price ceiling, which in this case are the property owners, the existing or potential tenants, the government, and neighboring cities.
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