Paper 3

Question 1

What are the possible micro economic effects of something?

Answer 1

1. supply and demand
2. elasticity
3. market failure
4. stakeholders
5. cost
6. revenue
7. profit
8. efficiency
9. income inequality
10. labour market
11. consumer and producer surplus

Question 2

What are the possible macro economic effects of something?

Answer 2

1. AD/AS
2. Growth
3. Inflation
4. Unemployment
5. Trade
6. Income
7. Inequality
8. Poverty
9. Development
10. Exchange rates
11. Government finances