Economics 9708/32 May June 2010 | Cambridge AS Level Past Papers With Mark Scheme

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1. The economic problem: scarcity, opportunity cost, and shifts in production possibility curves.

2. Price elasticity of demand and supply, and its effects on market equilibrium and consumer/producer surplus.

3. Government policies such as subsidies, tariffs, and price controls and their impact on market outcomes.

4. International trade, comparative advantage, and the benefits of free trade agreements, focusing on Canada and the EU.

5. Currency fluctuations, exchange rates, and their effects on a country’s trade balance and export performance.

6. Addressing market failures with government interventions, including fiscal policies, cost-benefit analysis, and public goods provision.