Economics 9708/32 March 2022 | Cambridge AS Level Past Papers With Mark Scheme

- Efficiency in Allocation: An economy achieving no further possible welfare improvements without trade-offs.
- Market Structures: Characteristics of monopolies, monopsonies, and imperfect competition affecting firm behavior and long-term market dynamics.
- Externalities and Government Interventions: Policies addressing negative and positive externalities, including subsidies, taxes, and nudge theory.
- Redistribution and Income: Policies for income redistribution, including transfer payments and progressive taxation.
- National Income Accounts: Exclusions and inclusions in measuring economic activity and development indicators.
- Macroeconomic Dynamics: Impacts of exchange rates, inflation, trade balances, and Keynesian economic theories on national and global economic scenarios.