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Economics 4EC1/01R January 2023

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1. Microeconomic Concepts and Market Structures: Factors of production, calculation of total costs and profit, supply curve shifts, and the impact of external economies of scale. 2. Elasticity and Demand Analysis: Price elasticity of supply and demand calculations, interpretation of income elasticity, and effects of minimum wage on labor markets. 3. Government Policies and Market Regulation: Impact of taxation, subsidies, price controls, and government interventions on market efficiency. 4. Labour Markets and Employment Trends: Wage determination, effects of labor migration, trade unions′ roles, and structural vs. cyclical unemployment. 5. International Trade and Economic Growth: Exchange rate fluctuations, trade policies, benefits and drawbacks of globalization, and barriers to entry in different industries. 6. Business Growth and Market Competition: Mergers and acquisitions, oligopoly market structures, cost advantages of economies of scale, and external costs of large-scale development projects.
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