Economics 2281/12 Oct Nov 2024 | Cambridge O-Level Past Papers With Mark Scheme

1. Basic Economic Concepts & Opportunity Cost | Scarcity & PPC Analysis – Understanding fundamental economic problems, opportunity cost, and production possibility curves.

2. Market Forces & Price Mechanisms | Demand & Supply Changes – Analyzing price elasticity, equilibrium shifts, and the effects of external factors on market prices.

3. Government Intervention & Market Failures | Externalities & Price Controls – Identifying public goods, taxation policies, and the role of subsidies in correcting market inefficiencies.

4. Labour Markets & Wage Determination | Supply, Demand, & Trade Unions – Understanding wage differences, employment shifts, and factors influencing labour mobility.

5. Production & Costs | Economies of Scale & Cost Structures – Analyzing firm efficiency, internal and external economies, and production methods.

6. Macroeconomic Objectives & Policies | Economic Growth & Inflation – Evaluating fiscal, monetary, and supply-side policies in achieving macroeconomic stability.

7. International Trade & Exchange Rates | Specialization & Protectionism – Understanding comparative advantage, currency fluctuations, and trade policies.

8. Balance of Payments & Trade Deficits | Exchange Rate Systems & Globalization – Analyzing trade imbalances, capital flows, and the role of international organizations.