Ambulances queue at Birmingham hospital

The video discusses a significant shortage that occurred approximately ten years ago, providing context and implications of such an event.

What is a shortage in economic terms?

• A balance between supply and demand

• A decrease in demand

• A situation where demand exceeds supply

• An excess of supply over demand

Which of the following is NOT a potential cause of a shortage?

• Technological advancement

• Price controls

• Decreased supply

• Increased demand

What can be a consequence of a shortage?

• Lower prices

• Increased competition

• Decreased demand

• Surplus of goods

Approximately how long ago did the specific shortage occur?

• 15 years ago

• 10 years ago

• 20 years ago

• 5 years ago

What might be a government response to a shortage?

• Implementing price floors

• Increasing taxes

• Subsidizing production

• Reducing tariffs