Igcse economics Study guides, Class notes & Summaries

IGCSE Economics |Graded A+| #Latest Study Guide Opportunity cost *Ans* A cost of choosing one thing over the next best alternative. The economic problem *Ans* The idea that resources are scare and wants are unlimited Economy *Ans* Where people produce goods and services. Market *Ans* Where a group of people willing to exchange goods and services meet. Perfect market *Ans* Neither Consumer/producer solely influence the price charged for goods and services Imperfect market *Ans* a powerf...

Latest CIE IGCSE Economics Final Exam with 100% Correct Answers what is the basic economic problem *Ans* how to allocate resources to satisfy unlimited needs and wants (scarcity) what is the chain of production *Ans* 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 *Ans* households (private individuals in society), firms that operate in the private sector of an...

Opportunity cost Correct Answer A cost of choosing one thing over the next best alternative. The economic problem Correct Answer The idea that resources are scare and wants are unlimited Economy Correct Answer Where people produce goods and services. Market Correct Answer Where a group of people willing to exchange goods and services meet. Perfect market Correct Answer Neither Consumer/producer solely influence the price charged for goods and services Imperfect market Correct Answ...

Edexcel economics igcse micro notes 1. Economic Problems 1. What is economics? A social science studies the behavior of individual organization/the-entire economy. 2. Why do we study economics? Because there is a basic economic problem which has risen due to the scarcity of resources. 3. Define the following: • Wants: people’s desire towards good/service • Need: basic requirements needed for human survival • Scarcity: When we are unable to fulfill our unlimited wants from ...

Economic Growth Correct Answer 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 Answer 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 Answer The total supply of goods and services in an economy Productive Capacity/Productive Potential Correct Answer The ability of an economy to pro...

CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023

IGCSE Economics 0455 Notes (Chapter 1-2)

Economics Correct Answer The study of how society manages its scare resources to satisfy unlimited wants Economy Correct Answer A system that attempt to solve the basic economic problem. Micro-economics Correct Answer The study of how households (buyers) and firms (sellers) make decisions regarding the allocation of limited resources and how they interact in specific markets as individuals Macro-economics Correct Answer The branch of economics that examines the behaviour of the whole ec...

What is the basic economic problem Correct Answer how to allocate resources to satisfy unlimited needs and wants (scarcity) What is the chain of production Correct Answer 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 Answer households (private individuals in society), firms that operate in the private sector of an economy and the government (the public sec...

Edexcel economics igcse micro notes 1. Economic Problems 1. What is economics? A social science studies the behavior of individual organization/the-entire economy. 2. Why do we study economics? Because there is a basic economic problem which has risen due to the scarcity of resources. 3. Define the following: • Wants: people’s desire towards good/service • Need: basic requirements needed for human survival • Scarcity: When we are unable to fulfill our unlimited wants from ...