Igcse economics Study guides, Class notes & Summaries

Economic Growth correct answers The increase in output of the value of the goods and services produced in a country over a period of time Supply-side Policy correct answers A government action which leads to an increase in aggregate supply in an economy by improving either the quality or the quantity of resources Aggregate Supply (AS) correct answers The total supply of goods and services in an economy Productive Capacity/Productive Potential correct answers The ability of an economy to...

what is the basic economic problem correct answers how to allocate resources to satisfy unlimited needs and wants (scarcity) what is the chain of production correct answers describes how businesses from the primary, secondary and tertiary sectors work interdependently to make a product and sell it to the final customer what are Economic Agents correct answers households (private individuals in society), firms that operate in the private sector of an economy and the government (the public ...

IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem. Need ⇒ goods or services necessary for survival Want ⇒ goods or services NOT necessary for survival Finite resources ⇒ resources that will eventually run out Renewable resources ⇒ resources that can be replaced as they are used to produce goods or services The economic problem ⇒ limited resources and unlimited wants which leads to a problem called scarcity Scarcity ⇒ an economic problem where the resources...

CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023. The Basic Economic Problem 1.1. Economic Problem There are too few productive resources to make all the goods and services that consumers need and want. Unlimited wants and limited resources Scarcity of resources is the basic economic problem Types of goods Economic goods: A good or service that has a degree of scarcity and therefore an opportunity cost. Free goods: A good or service that is not scarce and is available in abundance. F...

IGCSE Economics 0455 Notes (Chapter 1-2) For 2023. Need ⇒ goods or services necessary for survival Want ⇒ goods or services NOT necessary for survival Finite resources ⇒ resources that will eventually run out Renewable resources ⇒ resources that can be replaced as they are used to produce goods or services The economic problem ⇒ limited resources and unlimited wants which leads to a problem called scarcity Scarcity ⇒ an economic problem where the resources are not enough to sa...

CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023. The Basic Economic Problem 1.1. Economic Problem There are too few productive resources to make all the goods and services that consumers need and want. Unlimited wants and limited resources Scarcity of resources is the basic economic problem Types of goods Economic goods: A good or service that has a degree of scarcity and therefore an opportunity cost. Free goods: A good or service that is not scarce and is available in abundance. F...

IGCSE Economics

IGCSE Economics Section Unit 5 Revision Notes 2023. Living standards or standards of living refer to all the factors that contribute to a person’s well-being and happiness Measuring Living Standards  GDP per head/capita: this measures the average income per person in an economy. Real GDP per capita = Real GDP / Population Merits of using GDP per capita to measure living standards:  GDP is a useful measure of the total production taking place in the country, and so indicates the m...

IGCSE ECONOMICS The Basic Economic Problem. The Nature of the Economic Problem Resources: are the inputs required for the production of goods and services. Scarcity: a lack of something (in this context, resources). The fundamental economic problem is that there is a scarcity of resources to satisfy all human wants and needs. There are finite resources and unlimited wants. This is applicable to consumers, producers, workers and the government, in how they manage their resources. Economic ...

IGCSE Economics Questions And Answers 2024. Definition of opportunity cost - CORRECT ANSWER the cost of the next best opportunity forgone The effects of opportunity cost on workers - CORRECT ANSWER specialization The production possibility curve represents - CORRECT ANSWER the maximum combination of products that can be produced in an economy How can a country be on its PPC? - CORRECT ANSWER All resources are used; there is efficiency (in the use of resources) A movement along t...