Role of Government in Determination of Price and Quantity — Chapter Summary
NIOS · Class 10 · Economics
Summary of Role of Government in Determination of Price and Quantity for NIOS Class 10 Economics. Part of the NIOS Class 10 Economics syllabus.
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Overview
Market price is normally set by the free play of demand and supply. In some situations, that price becomes too high for consumers or too low for producers. Then government intervenes and fixes prices to protect people’s interests. Such fixed prices are called administered prices. They may be below t
Key Concepts
A price fixed by the government
A price fixed by the government instead of being left to free market forces. It can be below equilibrium price or above equilibrium price, depending o
The maximum price fixed by
The maximum price fixed by the government, generally below equilibrium price, to protect consumers. It is used when production is less than demand and
The minimum price fixed by
The minimum price fixed by the government, generally above equilibrium price, to protect producers, especially farmers. It assures farmers of a minimu
A very low price charged by
A very low price charged by government or private charitable institutions for necessary services such as medical, health, and education services. It i
A policy in which part
A policy in which part of the production is sold at control price through fair price shops and the remaining part is sold at market price. It helps re
Learning Objectives
- Understand how government affects price determination
- Explain administered price and its different forms
- Describe control price, support price, token price, and dual price
- Understand rationing, black marketing, and the role of fair price shops
- Explain how taxes and subsidies change market price
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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