Economics 0455/12 Oct Nov 2024 | Cambridge IGCSE Past Papers With Mark Scheme

1. Fundamental economic concepts: scarcity and opportunity cost, production possibility curves, effects of supply shocks on price and quantity, and determinants of demand shifts.

2. Market mechanisms and elasticity: supply changes due to price fluctuations, equilibrium shifts, price elasticity of demand calculations, and external costs of government projects.

3. Labor markets and firm behavior: roles of central banks, labor demand effects on wages, types of business mergers, long-run cost curves, and factors influencing production methods.

4. Macroeconomic indicators and policies: GDP growth factors, money supply definition, fiscal and monetary policy impacts, cyclical unemployment causes, and government budget deficits.

5. International trade and exchange rates: benefits of free trade and specialization, trade protection measures, determination of floating exchange rates, and balance of trade analysis.