Economics 9708/12 March 2017 | Cambridge AS Level Past Papers With Mark Scheme

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1. Analysis of economic problems emphasizing the sequence: scarcity, choice, and opportunity cost, with production possibility curve applications.

2. Effects of price elasticity on supply and demand in markets for housing, joint supply goods, and substitutes like honey and jam.

3. Government interventions, including minimum prices for agriculture, subsidy allocation between consumers and producers, and transfer payments for income distribution.

4. International trade and balance of payments issues, covering terms of trade trends, fixed exchange rate strategies, and the impact of trade agreements.

5. Macroeconomic policies to address inflation, including deflationary fiscal measures, tight monetary policies, and price elasticity conditions for effective currency devaluation.

6. Consumer surplus changes during sales promotions, alongside aggregate demand and supply curve shifts due to government tax and spending adjustments.