| Section | Marks | Timing |
|---|---|---|
| Section A | 20 | 25 minutes |
| Section B | 60 | 65 minutes |
1.1 Nature of Economics: scarcity, opportunity cost, PPF, specialisation, division of labour.
1.2 How Markets Work: demand, supply, price mechanism, PED, PES, YED, XED, consumer surplus, producer surplus.
1.3 Market Failure: externalities, public goods, information gaps, common access resources.
1.4 Government Intervention: tax, subsidy, maximum price, minimum price, regulation, government failure.
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