Part 1 – Section A.5. The economy as a system of markets

[Hameed]

CMA1.A5.a. explain the nature and significance of resource planning

CMA1.A5.b. define derived demand

CMA1.A5.c. define and calculate marginal revenue product and marginal revenue cost

CMA1.A5.d. identify the determinants of resource demand

CMA1.A5.e. define substitution resources and complementary resources

CMA1.A5.f. apply the principles of elasticity to resource demand

CMA1.A5.g. demonstrate an understanding of the profit maximizing combination of resources

CMA1.A5.h. contrast nominal wages and real wages

CMA1.A5.i. describe how productivity affects the level of wages

CMA1.A5.j. compare labor demand and labor supply in a purely competitive market and in a monopoly

CMA1.A5.k. determine the impact of unions on the level of wages

CMA1.A5.l. demonstrate an understanding of the issues related to the minimum wage

CMA1.A5.m. identify the impact of unionization on a firm

CMA1.A5.n. identify the extent to which the minimum wage impacts a firm