Definitions, drawing and interpretation of appropriate diagrams showing the effects of three government microeconomic policy measures: maximum and minimum prices in product, labour and foreign exchange markets; indirect taxation; and subsidies. Definition only of government microeconomic policy measures: regulation; privatisation and nationalisation and direct provision of goods. The effectiveness of government intervention in overcoming the drawbacks of a market economic system. Questions and suggested solutions

PPT covering: • Basis of business classification, using examples to illustrate the classification • Reasons for the changing importance of business classification, e.g. in developed and developing economies

Calculation of PES using the formula and interpreting the significance of the result. Drawing and interpretation of supply curve diagrams to show different PES. The key influences on whether supply is elastic or inelastic. The implications for decision making by consumers, producers and government. Supply and demand review doc Questions and suggested solutions

Calculation of PED using the formula and interpreting the significance of the result. Drawing and interpretation of demand curve diagrams to show different PED. The key influences on whether demand is elastic or inelastic. The relationship between PED and total spending on a product/revenue, both in a diagram and as a calculation. The implications for decision making by consumers, producers and government. Supply and demand review doc Questions and suggested solutions

Wage and non-wage factors. The influences of demand and supply, relative bargaining power and government policy, including minimum wage. How changes in demand and supply, relative bargaining strengths, discrimination and government policy can all influence differences in earnings between workers whether they are: skilled/unskilled; primary/secondary/tertiary; male/female; private sector/public sector. Definition, drawing and interpretation of diagrams that illustrate the effects of changes in demand and supply in the labour market. Advantages and disadvantages for workers, firms and the economy. Questions with suggested solutions

5.2.1 The importance of cash and of cash-flow forecasting: • Why cash is important to a business • What a cash-flow forecast is, how a simple one is constructed and the importance of it • Amend or complete a simple cash-flow forecast • How to interpret a simple cash-flow forecast • How a short-term cash-flow problem might be overcome, e.g. increasing loans, delaying payments, asking debtors to pay more quickly 5.2.2 Working capital: • The concept and importance of working capital *questions and suggested answers"

2.3.1 Recruitment and selecting employees: • Recruitment and selection methods • Difference between internal recruitment and external recruitment • Main stages in recruitment and selection of employees • Recommend and justify who to employ in given circumstances • Benefits and limitations of part-time employees and full-time employees Questions and suggested answers

• Simple hierarchical structures: span of control, levels of hierarchy, chain of command • Roles and responsibilities of directors, managers, supervisors, other employees in an organisation and inter-relationships between them 2.2.2 The role of management: • Functions of management, e.g. planning, organising, coordinating, commanding and controlling • Importance of delegation; trust versus control 2.2.3 Leadership styles: • Features of the main leadership styles, e.g. autocratic, democratic and laissez-faire • Recommend and justify an appropriate leadership style in given circumstances 2.2.4 Trade unions: • What a trade union is and the effects of employees being union members sample questions and answers

4.4.1 The main factors influencing the location and relocation decisions of a business: • Factors relevant to the location decision of manufacturing businesses and service businesses • Factors that a business could consider when deciding which country to locate operations in • The role of legal controls on location decisions • Recommend and justify an appropriate location for a business in given circumstances Sample questions and answers

Multi-national companies and the costs and benefits to their host and home countries. The benefits for consumers, producers and the economy in a variety of countries. Tariffs, import quotas, subsidies and embargoes. Questions and suggested solutions

Birth rate, death rate, net migration, immigration and emigration. How and why birth rates, death rates and net migration vary between countries. The concept of an optimum population. The effects of increases and decreases in population size and changes in the age and gender distribution of population. Note: interpretation of a population pyramid is required, but drawing is not. Questions and suggested answers

Measurement of inflation and deflation using the Consumer Prices Index (CPI). Causes of inflation: demand-pull and cost-push. Causes of deflation: demand-side and supply-side. The consequences of inflation and deflation for consumers, workers, savers, lenders, firms and the economy as a whole. The range of policies available to control inflation and deflation and how effective they might be. Review of Unit 4 Questions and suggested answers

Total cost (TC), average total cost (ATC), fixed cost (FC), variable cost (VC), average fixed cost (AFC), average variable cost (AVC). Calculation of TC, ATC, FC, VC, AFC and AVC. Definition, drawing and interpretation of diagrams that show how changes in output affect costs of production. Total revenue (TR) and average revenue (AR). Note: marginal revenue is not required. Calculation of TR and AR. The influence of sales on revenue. Survival, social welfare, profit maximisation and growth. *Unit 3 review Note: marginal cost (MC) not required. Questions with suggested solutions

Influences to include demand for the product, the price of different factors of production, their availability and their productivity. The reasons for adopting the different forms of production and their advantages and disadvantages. The difference between, and influences on, production and productivity. *Unit 3 review Questions with suggested solutions

The main areas of government spending and the reasons for and effects of spending in these areas. Taxation as the main source of government revenue and the reasons for levying taxation. Examples of the different classifications of tax; progressive, regressive, proportional; and direct, indirect. The qualities of a good tax. The impact of taxation on consumers, producers, government and economy as a whole. The tax and spending changes, in the form of fiscal policy, that cause budget balance or imbalance. Including calculations of the size of a budget deficit or surplus. How fiscal policy measures may enable the government to achieve its macroeconomic aims. Note: aggregate demand and aggregate supply are not required. Review of Unit 4 Questions and suggested answers

Definition of PPC points under, on and beyond a PPC movements along a PPC shifts of a PPC Questions and proposed solutions

Calculation method rather than graph as more relevant to our exam. Tried to keep it as simple as possible. Use titles and sub-titles as prompts to enable class discussions and encourage a deeper learning. You will need to find a previous exam question for the assessment at the end of the session. Thanks for taking the time to view.