Factors of Production
Explain how capital goods contribute to production in a modern economy and how capital is rewarded.
State and explain two factors of production needed for the manufacture of chocolate. Explain the benefits of specialisation in the manufacture of chocolate.
Resource Allocation in Different Economic System
Explain the different ways in which resources are allocated in a market economy and in a mixed economy.
Classification of goods and services
Explain why the provision of bus and local rail (mass transit) services in cities is classified as a private good and not a public good and consider why such services might only be provided by the private sector.
