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China – Price elasticity – The United Kingdom

Question 1: Explain the basic advantages and disadvantages of the ‘free market’ China is moving forwards
(Context: Define the economic system + brief comment about China e.g. China is moving … + two advantages and two disadvantages with explanation and justification)
Question 2: Explain the strength and weaknesses of a ‘Mixed economy’ as exemplified by the United Kingdom
(Context: Define mixed economy .. Example: UK examples public sector and private sector
(State weakness/ strength/ Explain/ Example/ Data) )
(1400 words= Question one and two together so maybe 700 words each)
Question 3: Using demand and supply analysis explain the impact on the Chinese labour market of the one child policy that is how has the policy affected the demographic make-up of the population and what impact has this had on the labour market ( must provide a clear labeled diagram of what’s going to happen to the supply or demand curve of the labour market in China e.g. supply decrease and the demand increase with explanation and justification to what/why had this movement happened) ( Context: definition- Identify/ Explain the policy)
Question 4: Explain the term price elasticity of demand and how the information can be used of a business in a market economy to influence their decisions i.e. pricing strategies, promotional strategies. level of output. (how it effects the price and output

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