Explain the three classifications of production and give examples of each classification
(b) Explain opportunity costs and give examples
(c) Explain the purpose and evolution of the UK standard industrial classification (SIC) since 1948
(d) Explain with the use of two (2) separate diagrams, the shift in the demand curve and the movement along the demand curve
(e) Explain the income and substitution effect of an increase in price.
Explain two types of markets and give examples of each
(b) Define a public good and give examples of public goods
(c) Explain the three ways in which government intervenes in the market and give examples
(d) Explain the four key macroeconomic policy objectives that governments typically pursue.
(e) Explain the circular flow of income including the inner flow, withdrawals and injections.

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