This article talks about how the number of children submitted to hospital with asthma has decreased by 12% after smoking bans were put in place. This shows that the externality created by smoking is negative, it does not only affect the individual but the society as well therefore the social costs are greater than the private benefits. It shows how government intervention helps reduce the negative externalities.

This article is about price controls on gasoline. Gas prices have risen by 14%, this is due to rising oil prices. The price controls imposed on gas leads to a shortage of gasoline and rationing by the government. Also, black markets are likely to form and people will buy at very steep prices due to the price controls.

This article is about how farmers have been given subsidies. They have been given the subsidies so that they can do things like grow corn. However, there has been backlash as people feel that the subsidies are not going to a good cause, farmers are being given subsidies but there is no action being taken on food stamps which people are opposing. People are also arguing that ethanol subsidies which are used to make corn are bad for the environment, that is another reason why they are opposing the subsidy. Overall, this article focuses on the negative reaction of farmers being given subsidies.

This article shows how when the prices of luxury goods decrease, the demand increases. Usually, Apple's products are quite expensive, but by decreasing the price, it attracts more consumers which shows that their product is price elastic. When there is a change in price, this causes a significant change in demand as shown in this article.

This article talks about how Ed Miliband wanted to cap the price on domestic fuel. His policy aimed at restricting how much people would have to spend on energy so as to improve their general purchasing power as well as reducing business costs. This affects the suppliers negatively as it will reduce their profits, however it might also increase consumer demand.

This article says that the Iphone 5S had a high demand. This shows that the prices of other products such as the Samsung products did not affect the demand for the Iphone. Even though the new iphone had a higher price than other products, there was still a high demand.

I think this article relates to what we are studying as it mainly talks about scarcity. It says that water scarcity is one of the main challenges in Delhi, there is a huge demand for it but they need to learn how to distribute it around the city. People usually do not think that water is scarce, however this article shows that it is and people need to learn how to effectively distribute it.