Key concept chosen: Scarcity
Start by explaining the concept together with the terms price ceiling and negative externalities.
Discuss shifts in demand and supply curves, and shortages. The story discusses the problem of price ceilings on the rental market in Berlin.
Explore the article with an economic theory lens.
Provide 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.
Discuss the potential result of removing the price ceiling from the rental market.
In your evaluation, 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.
