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1. Opportunity Cost & Production Possibility Curves: Concepts of opportunity cost in consumption and production, factors of production, and PPC analysis for economic trade-offs.

2. Market Systems & Price Mechanisms: Demand and supply shifts, elasticity of supply, price determination in markets, and the role of government in mixed economies.

3. Labour Market & Business Economics: Effects of minimum wage on employment, internal and external economies of scale, fixed vs. variable costs, and profit maximization.

4. Macroeconomic Policies & Indicators: Inflation control, budget deficits, tax implications on supply and demand, and the impact of government fiscal policies.

5. International Trade & Exchange Rates: Trade protection measures, balance of payments adjustments, effects of exchange rate fluctuations, and multinational company impacts.

6. Economic Growth & Income Distribution: Relationship between labour force changes and growth, income inequality analysis, factors reducing poverty, and consumer benefits from specialization.

CIE IGCSE Economics (0455) Nov 2024

Laura Bellini

Classification: Paper 1

Page count: 12

Viewed: 93

Last update: 3 months ago

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Economics 0455/11 Oct Nov 2024 | Cambridge IGCSE Past Papers With Mark Scheme

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