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PPT covering content of Unit 8.3: 8.3 Labour market forces and government intervention 8.3.1 demand for labour as a derived demand 8.3.2 factors affecting demand for labour in a firm or an occupation 8.3.3 causes of shifts in and movement along the demand curve for labour in a firm or an occupation 8.3.4 marginal revenue product (MRP) theory: • definition and calculation of marginal revenue product • derivation of an individual firm’s demand for labour using marginal revenue product 8.3.5 factors affecting the supply of labour to a firm or to an occupation: • wage and non-wage factors 8.3.6 causes of shifts in and movement along the supply curve of labour to a firm or an occupation 8.3.7 wage determination in perfect markets: • equilibrium wage rate and employment in a labour market 8.3.8 wage determination in imperfect markets: • influence of trade unions on wage determination and employment in a labour market • influence of government on wage determination and employment in a labour market using a national minimum wage • influence of monopsony employers on wage determination and employment in a labour market 8.3.9 determination of wage differentials by labour market forces 8.3.10 transfer earnings and economic rent: • definition of transfer earnings • definition of economic rent • factors affecting transfer earnings and economic rent in an occupation Plus video links to key topics

PPT covering Unit 7.3 7.3 Efficiency and market failure 7.3.1 definitions of productive efficiency and allocative efficiency 7.3.2 conditions for productive efficiency and allocative efficiency 7.3.3 Pareto optimality 7.3.4 definition of dynamic efficiency 7.3.5 definition of market failure 7.3.6 reasons for market failure

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

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

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

2.3 Demand 2.4 Supply 2.5 Price determination 2.7 PED 2.8 PES 2.10 Market failure Question format

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

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 engaging in collective bargaining on wages, working hours and working conditions; protecting employment and influencing government policy. Factors influencing the strength of trade unions. From the viewpoint of workers, firms and the government. *Unit 3 review Questions with suggested solutions

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

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"

2.4.1 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

PPT covering: Need for business objectives and the importance of them Different business objectives, e.g. survival, growth, profit and market share Objectives of social enterprises Main internal and external stakeholder groups Objectives of different stakeholder groups How these objectives might conflict with each other, use examples 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

Definition, drawing and interpretation of demand and supply schedules and curves used to establish equilibrium price and sales in a market. Definition, drawing and interpretation of demand and supply schedules and curves used to identify disequilibrium prices and shortages (demand exceeding supply) and surpluses (supply exceeding demand). Supply and demand review doc Questions and suggested solutions

Definition, drawing and interpretation of appropriate diagrams. A demand curve to be drawn and used to illustrate movements along a demand curve with appropriate terminology, for example extensions and contractions in demand. The link between individual and market demand in terms of aggregation. The causes of shifts in a demand curve with appropriate terminology, for example increase and decrease in demand Supply and demand review doc Questions and suggested solutions

Definition, drawing and interpretation of appropriate diagrams. A supply curve to be drawn and used to illustrate movements along a supply curve with appropriate terminology, for example extensions and contractions in supply. The link between individual and market supply in terms of aggregation. The causes of shifts in a supply curve with appropriate terminology, for example increase and decrease in supply. Supply and demand review doc Questions and suggested solutions