ECONOMICS-SCHOOL EXAM OUTLINE

1. Define opportunity cost and analyze particular circumstances to illustrate the concept.

2. Define the factors of production (land, labor, capital, enterprise)

3. Describe the differences in earnings between different group of workers (male/female,

skilled/unskilled, private/ public, agricultural/ manufacture/service)

4. Demonstrate and explain how the impact taxes from government and influences the
market.

5. Describe the allocation of resources in market economic system.

6. Describe the concept of market failure and explain the reason for its occurrence.
Define private and social cost and benefit.

7. Demonstrate the principle of equilibrium price and analyze simple market situation
with change in demand and supply.

8. Describe trade unions and analyze their role in an economy.

9. Describe the functions of central banks, stock exchanges, commercial banks.

10. Describe the cause of changes in demand and supply condition and analyze such
change to show effect in market and connected with occupation and earnings,

11. Identify the factors affecting an individual’s choice of occupation (wage factors and
non-wage factors)

12. Define total and average revenue and perform simple calculations. Describe the
principle of profit maximization as goal and recognize that business organizations
may have different goals

13. Describe the characteristic of perfect competition and monopoly. Describe pricing
and output policies in perfect competition and monopoly

14. Describe the main reason for the different sizes of firm (size of market, capital,
organization). Describe and evaluate integration, economics and diseconomies of
scale.

15. Demonstrate the principle of equilibrium and analyze simple market situation with
changes in demand and supply.

16. Describe the differences in earnings between differences group of workers.

(correlation between resources and occupation)

17. Demonstrate how PPC can be used to illustrate choice and allocation.
(identify 2 different things in PPC)
18. Describe the differences in earnings between differences group of workers. (Define
the different between the education and skill)

19. Demonstrate the principle of equilibrium price and analyze simple market situation
with changes in demand and supply.
(describe changes price in market with the equilibrium)

20. Define PED and PES and performed simple calculation.

(define PED and perform simple calculation)