Popular courses 'IGCSE Economics' at IGCSE Economics
IGCSE Economics Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about IGCSE Economics? On this page you'll find 14 study documents about IGCSE Economics.
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IGCSE Economics Exam|100 Complete Questions and Answers
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IGCSE Economics Exam|100 Complete Questions and Answers
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iGCSE Economics (Edexcel) 1.1 (The Market System)
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name the factors of demand - correct answer advertising, income, interest rates, fashion, population, price of complements, price of substitutes 
 
explain how advertising affects demand - correct answer a good advertising campaign keeps the good being sold on the minds of its buyers; if a company does not advertise, it will soon be forgotten and stop being competitive 
 
explain how income affects demand - correct answer when income rises, a normal good's demand rises too, however demand...
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IGCSE Economics quiz with Correct resolutions.
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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...
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All Key Terms in IGCSE Economics Questions and Answers
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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...
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IGCSE Economics 0455 Practice Questions and Answers (2023)
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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...
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IGCSE Economics Questions with Complete Answers.
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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...
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Summary IGCSE Economics
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IGCSE Economics 
Economics - The study of how scarce resources can be allocated to satisfy people’s unlimited wants. 
Scarcity - When there are not enough resources to satisfy our wants and needs. 
Resources - The inputs that are used in the production process to produce goods and services. These are also called Factors of Production. Resources are limited. 
 Capital - Human-made goods that are used in the production of other goods. Payment comes in Interest 
 Entrepreneurs (Enterprise) ...
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IGCSE Economics Section Unit 5 Revision Notes 2023
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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...
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IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem
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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...
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IGCSE Economics Section Unit 5 Revision Notes (Summary) 2023
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IGCSE Economics Section Unit 5 Revision Notes (Summary) 2023. 
Living Standards 
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 
co...
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