Economics Level 1/2 Paper 1: Microeconomics and Business Economics focuses on the fundamental principles of microeconomic theory and its application to business contexts. This paper covers essential topics such as supply and demand, market structures, pricing strategies, and the behavior of firms and consumers. Students are expected to analyze how individual markets operate, understand the impact of economic policies on business decisions, and evaluate the economic forces that influence market outcomes. The exam assesses their ability to apply microeconomic concepts to real-world business scenarios, fostering a deeper understanding of how businesses operate within the broader economic environment.