Paper 1: Microeconomics and Business Economics (4EC1/01)

Topics

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Sample objectives

What this unit covers

• The market system: Explain, apply and evaluate the economic problem using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• The market system: Explain, apply and evaluate economic assumptions using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• The market system: Explain, apply and evaluate demand, supply and market equilibrium demand using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• The market system: Explain, apply and evaluate elasticity price elasticity of demand (ped) using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• The market system: Explain, apply and evaluate the mixed economy using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• The market system: Explain, apply and evaluate externalities external costs of production using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• Business economics: Explain, apply and evaluate production using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• Business economics: Explain, apply and evaluate productivity and division of labour using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• Business economics: Explain, apply and evaluate business costs, revenues and profit using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• Business economics: Explain, apply and evaluate business competition competition using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• Business economics: Explain, apply and evaluate the labour market using accurate economic reasoning, diagrams, evidence or calculations where relevant.
• Business economics: Explain, apply and evaluate government intervention using accurate economic reasoning, diagrams, evidence or calculations where relevant.