Economics 9708/42 March 2021 | Cambridge AS Level Past Papers With Mark Scheme

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1. Free market organization: resource allocation for collective benefit, impediments caused by unequal power distribution.
2. Market imperfections: causes linked to monopolistic practices, income inequality, and consumer exploitation.
3. Policy measures promoting income equality: progressive taxation, social welfare programs, inheritance tax, and enhanced workers’ rights.
4. Analysis of large firms’ impact on economic growth, wage levels, and productivity compared to smaller firms in different economies.
5. Externalities from cigarette consumption and government interventions for market failure correction.
6. Wage determination: transfer earnings, economic rent, and elasticity of labor supply relationships.