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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

Changing market conditions as causes of price changes. Demand and supply diagrams to be used to illustrate these changes in market conditions and their consequences for equilibrium price and sales.

Including the roles of the private sector (firms and consumers) and the public sector (government) in a market economy. Including examples of how it works in a variety of different countries. Questions and suggested solutions

Locally, nationally and internationally. Questions and suggested answers

The nature and causes of changes in the pattern of employment, for example increase in proportion of workers employed in the tertiary sector and formal economy as an economy develops; a greater proportion of women in the labour force due to changes in social attitudes; decline in the proportion employed in the public sector as a country moves towards a market economy. How unemployment is measured – claimant count and labour force survey – the formula for the unemployment rate. Frictional, structural and cyclical unemployment. The consequences of unemployment for the individual, firms and the economy as a whole. The range of policies available to reduce unemployment and how effective they might be. Review of Unit 4 Questions and suggested 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

The basis for specialisation at national level in broad terms of: superior resource allocation and/or cheaper production methods. For consumers, firms and the economy. Questions and suggested solutions

2.3.2 The importance of training and the methods of training: • Importance of training to a business and to employees • Benefits and limitations of induction training, on-the-job training and off-the-job training Questions and suggested answers

IGCSE Econ - 8 mark past paper questions and structured answers. 77 past paper questions (8 mark) across the syllabus with detailed answers providing clear “discuss…” points with evident evaluation. Ideal for revision purposes or end of chapter review.

PPT covering: Methods of measuring business size, e.g. number of people employed, value of output, capital employed (profit is not a method of measuring business size) Limitations of methods of measuring business size

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

PPT covering: Characteristics of successful entrepreneurs Contents of a business plan and how business plans assist entrepreneurs Why and how governments support business start-ups, e.g. grants, training schemes

3.3.1 Product: • The costs and benefits of developing new products • Brand image; impact on sales and customer loyalty • The role of packaging • The product life cycle: main stages and extension strategies; draw and interpret a product life cycle diagram • How stages of the product life cycle can influence marketing decisions, e.g. promotion and pricing decisions 3.3.2 Price: • Pricing methods (benefits and limitations of different methods), e.g. cost plus, competitive, penetration, skimming, and promotional • Recommend and justify an appropriate pricing method in given circumstances • Understand the significance of price elasticity: difference between price elastic demand and price inelastic demand; importance of the concept in pricing decisions (knowledge of the formula and calculations of PED will not be assessed *Unit 3 review sample questions and answers

PPT Covering: Why the owners of a business may want to expand the business Different ways in which businesses can grow Problems linked to business growth and how these might be overcome Why some businesses remain small Why some (new or established) businesses fail: Causes of business failure, e.g. lack of management skills, changes in the business environment, liquidity problems Why new businesses are at a greater risk of failing Questions and suggested answers

3.4.1 Justify marketing strategies appropriate to a given situation: • Importance of different elements of the marketing mix in influencing consumer decisions in given circumstances • Recommend and justify an appropriate marketing strategy in given circumstances 3.4.2 The nature and impact of legal controls related to marketing: • Impact of legal controls on marketing strategy, e.g. misleading promotion, faulty and dangerous goods 3.4.3 The opportunities and problems of entering new foreign markets: • Growth potential of new markets in other countries • Problems of entering foreign markets, e.g. cultural differences and lack of knowledge • Benefits and limitations of methods to overcome such problems, e.g. joint ventures, licensing *Unit 3 review sample questions and answers

5.4.1 The main elements of a statement of financial position: • The main classifications of assets and liabilities, using examples 5.4.2 Interpret a simple statement of financial position and make deductions from it, e.g. how a business is financing its activities and what assets it owns, sale of inventories to raise finance (constructing statements of financial position will not be assessed) Questions and suggested answers*

5.3.1 What profit is and why it is important: • How a profit is made • Importance of profit to private sector businesses, e.g. reward for risk-taking/enterprise, source of finance • Difference between profit and cash 5.3.2 Income statements: • Main features of an income statement, e.g. revenue, cost of sales, gross profit, profit and retained profit • Use simple income statements in decision making based on profit calculations (constructing income statements will not be assessed) *Questions and suggested answers"

2.4.1 Why effective communication is important and the methods used to achieve it: • Effective communication and its importance to business • Benefits and limitations of different communication methods including those based on information technology (IT) • Recommend and justify which communication method to use in given circumstances 2.4.2 Demonstrate an awareness of communication barriers: • How communication barriers arise and problems of ineffective communication; how communication barriers can be reduced or removed 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

3.2.1 The role of market research and methods used: • Market-orientated businesses (uses of market research information to a business) • Primary research and secondary research (benefits and limitations of each) • Methods of primary research, e.g. postal questionnaire, online survey, interviews, focus groups • The need for sampling • Methods of secondary research, e.g. online, accessing government sources, paying for commercial market research reports • Factors influencing the accuracy of market research data 3.2.2 Presentation and use of market research results: • Analyse market research data shown in the form of graphs, charts and diagrams; draw simple conclusions from such data *Unit 3 review sample questions and answers