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SYLLABUS
Cambridge International AS and A Level
Economics
9708
For examination in June and November 2016, 2017 and 2018
...
Cambridge Advanced
What has changed in Cambridge International AS and A Level Economics 9708 for 2016?
Availability
This syllabus is for examination in 2016, 2017 and 2018
...
•
Candidates can carry forward the result of their Cambridge International AS Level assessments
in 2015 to complete the Cambridge International A Level in 2016 (subject to the usual time
limit rules for carry forwards)
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•
Assessments for candidates retaking Cambridge International AS or A Level in 2016 are based on
the revised syllabus
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•
The Paper 3 examination has increased from 1 hour to 1 hour 15 minutes
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Basic economic ideas and resource allocation
2
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Government microeconomic intervention
4
...
Government macro intervention
Examples of economic concepts and terms which were previously listed below the topic areas
have been integrated within the topic content
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•
You are advised to read the whole of the syllabus before planning your teaching programme
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Registered Centres are
permitted to copy material from this booklet for their own internal use
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® IGCSE is the registered trademark of Cambridge International Examinations
© Cambridge International Examinations 2014
Contents
Introduction
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Syllabus overview
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1 Content
1
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Syllabus aims and assessment objectives
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1
2
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3
2
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Syllabus content
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1 AS Level content – Paper 1 and Paper 2
3
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Glossary of command words
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Other information
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The syllabus has been designed, in consultation with teachers and universities, to help
learners develop not only subject knowledge, but also a strong understanding of some of the key
concepts that are critical to mastering the subject
...
Consultation is an important part of the way we develop our syllabuses
...
The feedback contributes to the
development of syllabus content, assessments and
support materials
...
Like teachers, universities help to shape our
Cambridge International AS and A Level syllabuses
...
Key concepts
Key concepts are essential ideas, theories, principles or mental tools that help learners to develop
a deep understanding of their subject and make links between the different topics
...
The teaching support package helps
teachers integrate the key concepts into their teaching, showing how they fit into the overall syllabus
and suggesting ways to teach them with each topic
...
The support includes resources for teaching and learning as well as exam preparation
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Cambridge International AS and A Levels prepare students well for university
because they’ve learnt to go into a subject in considerable depth
...
It’s a
wonderful preparation for what they are going to face at university
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Cambridge International AS and A Level Economics 9708 syllabus Introduction
Why Cambridge International Examinations?
Cambridge International Examinations is the world’s largest provider of international education
programmes and qualifications for 5 to 19 year olds
...
We invest constantly in research and development to improve our
programmes and qualifications
...
More than 9000 schools in over 160 countries are part of our Cambridge learning
community
...
Learners are at the heart of what we do and we are
committed to their development and future success
...
We help learners
to bridge the gap to the next stage of education and the world of work
...
Responsible
Confident
Reflective
Cambridge
learners
Engaged
Innovative
Learn more about the Cambridge learner attributes in Chapter 2 of our Implementing the curriculum
with Cambridge guide at www
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Cambridge International AS and A Level Economics 9708 syllabus Introduction
Why Cambridge International AS and A Levels?
Cambridge International AS and A Levels are international in outlook, but retain a local relevance
...
Our aim is to balance knowledge, understanding and skills in our qualifications to enable candidates to
become effective learners and to provide a solid foundation for their continuing educational journey
...
Cambridge International AS and A Level curricula are flexible
...
Cambridge International A Level is typically a two-year course, and
Cambridge International AS Level is typically one year
...
There are three possible assessment approaches for Cambridge International AS and A Level:
Option two
Option three
(remainder of A Level)
Cambridge International
AS Level
Cambridge International
AS Level
(standalone AS)
(AS is first half of A Level)
Learners take the Cambridge
International AS Level only
...
Learners take the Cambridge
International AS Level in Year 1 and
in Year 2 complete the Cambridge
International A Level
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Every year thousands of learners with Cambridge International AS and A Levels gain places at leading
universities worldwide
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Learners should check the university website for specific
entry requirements before applying
...
Many learners who take
Cambridge International AS Levels also choose to progress to Cambridge International A Level
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Cambridge International AS and A Level Economics 9708 syllabus Introduction
Why Cambridge International AS and A Level Economics?
The study of Cambridge International AS and A Level Economics allows learners to explore
concepts and theories which can be applied to the way that modern economies work
...
They gain lifelong skills and a solid foundation for further study
...
These key concepts
can help teachers think about how to approach their teaching in order to encourage learners to make
links between topics and develop a deep overall understanding of the subject
...
See page 7 for more
information on our teacher support
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•
Scarcity and choice
The fundamental problem in economics is that resources are scarce and wants are unlimited, so there is
always a choice required between competing uses for the resources
...
•
Equilibrium and efficiency
Prices are set by markets, are always moving in to and out of equilibrium, and can be both efficient and
inefficient in different ways and over different time periods
...
•
Progress and development
Economics studies how societies can progress in measurable money terms and develop in a wider more
normative sense
...
Our syllabuses are designed around 180 guided learning hours for Cambridge
International AS Level, and around 360 guided learning hours for Cambridge International A Level
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The number of hours needed to gain the qualification may vary
depending on local practice and the learners’ previous experience of the subject
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Progression
Cambridge International A Level Economics provides a suitable foundation for the study of Economics or
related courses in higher education
...
Cambridge International AS Level Economics constitutes the first half of the Cambridge International A Level
course in Economics and therefore provides a suitable foundation for the study of Economics at Cambridge
International A Level and thence for related courses in higher education
...
It is also suitable as part of a course of general education
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Cambridge International AS and A Level Economics 9708 syllabus Introduction
Teachers and learners should take into account that, in some countries, universities advise that some
combinations of subjects with similar content should be avoided where possible, for example Economics,
Business Studies and Accounting
...
For more information about the relationship between the Cambridge International AS Level and Cambridge
International A Level see the ‘Assessment’ section of the syllabus overview
...
If you have any questions,
please contact us at info@cie
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uk
If you are not yet a Cambridge school
Learn more about the benefits of becoming a Cambridge school from our website
at www
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org
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Cambridge AICE
Cambridge AICE Diploma is the group award of the Cambridge International AS and A Level
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A Cambridge International A Level counts as a double-credit qualification and a Cambridge International
AS Level counts as a single-credit qualification within the Cambridge AICE Diploma award framework
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Our research has shown that students who came to the university with a
Cambridge AICE background performed better than anyone else that came to the
university
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John Barnhill, Assistant Vice President for Enrolment Management, Florida State University, USA
6
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The support package for our Cambridge International AS and A Levels will help teachers integrate key
concepts into their teaching, showing how they fit into the overall syllabus and suggesting ways to teach
them within each topic
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We offer a customised support package for each subject
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Teaching and learning resources
Exam preparation resources
• Schemes of work provide teachers with a
• Past question papers and mark schemes so
teachers can give your learners the opportunity
to practise answering different questions
...
• Example candidate responses to help teachers
to see the level of performance needed to achieve
key grades and understand exactly what
examiners are looking for
...
We have quality checked these
materials to make sure that they match the
syllabus well
...
The reports give insight into common
misconceptions shown by learners, which
teachers can address in lessons
...
Professional development
International
AS and A Level
support for
teachers
Face-to-face training
We hold workshops around the world to support
teachers in delivering Cambridge syllabuses and
developing their skills
...
A
wide range of syllabus-specific courses and skills
courses is available
...
Qualifications
We offer a wide range of practice-based qualifications
at Certificate and Diploma level, providing a
framework for continuing professional development
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Visit our online resource bank and community
forum at teachers
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org
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uk/help
LinkedIn http://linkd
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org
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus overview
1
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1 Content
This table gives an overview of the syllabus content for Cambridge International AS and A Level Economics
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Government
microeconomic
intervention
Scarcity, choice and opportunity
cost
•
2
...
Basic economic
ideas and resource
allocation
A Level candidates also study these
additional topics
Nationalisation and privatisation
Labour market forces and
government intervention:
–
8
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Government
macro intervention
•
•
4
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus overview
1
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All components are externally assessed
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This syllabus is also available for
examination in March for India only
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Detailed timetables are available from www
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uk for the latest information before beginning to teach this syllabus
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus aims and assessment objectives
2
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1 Syllabus aims
The syllabus aims to enable candidates to develop:
•
an understanding of the factual knowledge of economics
•
a facility for self-expression, not only in writing but also in using additional aids, such as statistics and
diagrams, where appropriate
•
the habit of using works of reference as sources of data specific to economics
•
the habit of reading critically to gain information about the changing economy we live in
•
an appreciation of the methods of study used by the economist, and of the most effective ways
economic data may be analysed, correlated, discussed and presented
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2 Assessment objectives
AO1 Knowledge and understanding
Demonstrate knowledge and understanding
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AO3 Analysis
Analyse economic issues and arguments, using relevant economic concepts, theories and information, and
communicate conclusions in a clear, reasoned manner
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3 Relationship between assessment objectives and components
The approximate weightings allocated to each of the assessment objectives are summarised below
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Component
AO1
%
AO2
%
AO3
%
AO4
%
Paper 1
40
25
25
10
Paper 2
25
20
30
25
Paper 3
40
25
25
10
Paper 4
25
15
30
30
2
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The table shows the assessment objectives (AO) as a percentage of each qualification
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus content
3
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Candidates for Cambridge International A Level should study all the syllabus content
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Basic economic ideas and resource allocation
2
...
Government microeconomic intervention
4
...
Government macro intervention
3
...
Basic economic ideas and resource allocation (AS Level)
a) Scarcity, choice and opportunity cost
•
the fundamental economic problem
•
the meaning of scarcity and the inevitability
of choices at all levels (individual, firms,
governments)
•
the basic questions of what will be produced,
how and for whom
•
the meaning of the term, ‘ceteris paribus’
•
the margin and decision making at the margin
•
short run, long run, very long run
b) Positive and normative statements
•
the distinction between facts and value
judgements
c) Factors of production
•
the rewards to the factors of production: land,
labour, capital and enterprise
•
specialisation and division of labour
•
decision making in market, planned and mixed
economies
•
the role of the factor enterprise in a modern
economy
•
shape and shifts of the curve
•
constant and increasing opportunity costs
•
functions and characteristics in a modern
economy
•
barter, cash and bank deposits, cheques, near
money, liquidity
•
free goods, private goods (economic goods)
and public goods
•
merit goods and demerit goods as the outcome
of imperfect information by consumers
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus content
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus content
3
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The macro economy (AS Level)
•
the shape and determinants of AD and AS
curves; AD = C + I + G + (X – M)
•
the distinction between a movement along and
a shift in AD and AS
•
the interaction of AD and AS and the
determination of the level of output, prices and
employment
•
the definition of inflation; degrees of inflation
and the measurement of inflation; deflation and
disinflation
•
the distinction between money values and real
data
•
the causes of inflation (cost-push and demandpull inflation)
•
the consequences of inflation
•
the components of the balance of payments
accounts (using the IMF/OECD definition):
current account; capital and financial account;
balancing item
•
meaning of balance of payments equilibrium
and disequilibrium
•
causes of balance of payments disequilibrium
in each component of the accounts
•
consequences of balance of payments
disequilibrium on domestic and external
economy
a) Aggregate Demand (AD) and Aggregate Supply
(AS) analysis
b) Inflation
c) Balance of payments
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The macro economy (AS Level) cont
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus content
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2 Additional A Level content – Paper 3 and Paper 4
The content of the AS Level is assumed knowledge for the assessment of Paper 3 and Paper 4
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dynamic efficiency
•
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Pareto optimality
•
c) Social costs and benefits; cost-benefit analysis
productive and allocative efficiency
•
b) Externalities and market failure
•
use of cost-benefit analysis in decision-making
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus content
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus content
2
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f)
Differing objectives of a firm
•
traditional profit maximising objective of firm:
–
–
•
normal and abnormal profit
relation between elasticity and revenue
an understanding of other objectives of the
firm:
–
–
principal agent problem, for example the
divorce of ownership from control
–
•
survival, strategic, satisficing, sales
maximisation
behavioural analysis approach to the
decision-making of a firm; the Prisoner’s
Dilemma, 2 player Pay-off Matrix, kinked
demand curve
pricing policy:
–
•
3
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•
•
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application of indirect taxes and subsidies
•
b) Equity and policies towards income and wealth
redistribution
•
inter-generational equity
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Cambridge International AS and A Level Economics 9708 syllabus Syllabus content
3
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c) Labour market forces and government
intervention:
(i) demand for and supply of labour
•
factors affecting demand for labour
•
derivation of individual firm’s demand for using
marginal revenue product theory
•
factors affecting supply for labour
•
net advantages and the long-run supply of
labour
(ii) wage determination in perfect markets
•
competitive product and factor market forces
determining wage differentials, transfer
earnings and economic rent
(iii) wage determination in imperfect markets
•
influence of trades unions on wage
determination
•
influence of government on wage
determination
•
monopsony
•
effectiveness of government policies
d) Government failure in microeconomic
intervention
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The macro economy (A Level)
a) Economic growth, economic development and
sustainability
•
use of National Income statistics as measures
of economic growth and living standards
Gross Domestic Product (GDP)/Gross National
Product (GNP)/Gross National Income (GNI)
•
national debt (government or public sector
debt)
•
indicators of living standards and economic
development, monetary, non-monetary,
Human Development Index (HDI), Measure
of Economic Welfare (MEW), Human
Poverty Index (HPI), later supplanted by the
Multidimensional Poverty Index (MPI), and the
Kuznets curve
•
characteristics of developed, developing and
emerging (BRICS) economies: by population
growth and structure, income distribution,
economic structure, employment composition,
external trade and urbanisation in developing
economies – comparison of economic growth
rates and living standards over time and
between countries
•
size and components of labour force
•
labour productivity
•
full employment and natural rate of
unemployment
•
causes of unemployment
•
consequences of unemployment
•
types of unemployment
•
unemployment rate; patterns and trends in
(un)employment
•
difficulties involved in measuring
unemployment
•
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problems arising from conflicts
between policy objectives on inflation,
unemployment, economic growth, balance
of payments, exchange rates and the
redistribution of income and wealth
•
24
•
Laffer curve analysis
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Cambridge International AS and A Level Economics 9708 syllabus Glossary of command words
4
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The number of marks allocated for any part of a question is a guide to the depth
required for the answer
...
This command word requires ‘Knowledge and
Understanding’ as well as ‘Application’
Consider
Give your thoughts about, with some justification
Assess
Show how important something is, give your judgement on
Comment upon
Give your reasoned opinion on, with explanations
Criticise
Give an opinion but support it with evidence
Discuss
Give the important arguments for and against, often requires a conclusion
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Cambridge International AS and A Level Economics 9708 syllabus Other information
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To comply with the UK Equality Act (2010), Cambridge has
designed this qualification with the aim of avoiding direct and indirect discrimination
...
Arrangements can be put in place for these candidates to enable them to access
the assessments and receive recognition of their attainment
...
Candidates who are unable to access the assessment of any component may be eligible to receive an
award based on the parts of the assessment they have taken
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Language
This syllabus and the associated assessment materials are available in English only
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‘Ungraded’ indicates that the candidate’s
performance fell short of the standard required for grade E
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The letters Q (result pending), X (no result) and Y (to be issued) may also
appear on the statement of results but not on the certificate
...
‘Ungraded’ indicates that the candidate’s
performance fell short of the standard required for grade ‘e’
...
The letters Q (result pending), X (no result) and Y (to be issued) may also
appear on the statement of results but not on the certificate
...
For languages other than English, Cambridge also reports separate speaking endorsement grades (Distinction,
Merit and Pass), for candidates who satisfy the conditions stated in the syllabus
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Cambridge International AS and A Level Economics 9708 syllabus Other information
Entry codes
To maintain the security of our examinations we produce question papers for different areas of the world,
known as ‘administrative zones’
...
The second digit is the location code, specific to an administrative zone
...
Other exams administration documents, including timetables and administrative instructions can be found at
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Cambridge International Examinations
1 Hills Road, Cambridge, CB1 2EU, United Kingdom
Tel: +44 (0)1223 553554 Fax: +44 (0)1223 553558
Email: info@cie
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uk www
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