Igcse economics Study guides, Class notes & Summaries

IGCSE Economics Section Unit 5 Revision Notes

IGCSE Economics 0455 Notes (Chapter 1-2)

IGCSE Economics 0455 Notes (Chapter 1-2)

Factors affecting demand Correct Answer Advertisement, income, fashion, price, complements, substitutes. Factors affecting supply Correct Answer Cost of production, technology, natural factors. Inferior goods Correct Answer Income rises, demand falls and vice versa. Normal goods Correct Answer Income rises, demand rises and vice versa. PED Formula Correct Answer %change in quantity/%change in price Factors affecting price elasticity of supply Correct Answer Production speed, amount of spare...

Edexcel economics igcse micro notes

This set is one of the 6 units of the CIE IGCSE Economics 0987/0455 specification - Unit 3: Microeconomic Decision Makers The complete set (all 6 units) of flashcards that are mark scheme based, can also be found on my profile for ￡15.

Notes on the CIE IGCSE economics syllabus including the six units in depth with definitions

IGCSE ECONOMICS The Basic Economic Problem

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 the PPC results in Correct Answer opportunity cost in o...

Economics IGCSE (Micro and Macro) the basic economic problem - Needs and wants are unlimited, but resources are scarce scarcity - when there is not enough of something resources - something that can be used to fulfill a need economic goods - Goods that are scarce and therefore have an opportunity cost. free goods - Goods that are not scarce, and are therefore available without limit. public sector - the part of the economy that involves the transact...