Igcse economics Study guides, Revision notes & Summaries
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CIE IGCSE Economics || with 100% Error-free Answers.
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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 ...
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Complete CIE IGCSE 0987/0455 Economics Flashcards
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This set of flashcards includes every detail and point you would use in most (if not all) Paper 2 Structured Questions in the CIE IGCSE 0987/0455 specification. 
Through the 2 years of studying CIE IGCSE Economics in my school, I have compiled all of my lesson notes, online materials, further research, and exam mark schemes into this single file. 
This set of notes offered me great assistance to fortunately achieve a grade 9 in Economics and the Top of Economics award in my year in my school. ...
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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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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023
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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...
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IGCSE Economics 0455 Notes (Chapter 1-2) For 2023
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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...
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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023
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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...
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IGCSE Economics Questions with complete Answers 2024
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IGCSE Economics
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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 Questions And Answers 2024.
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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...
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IGCSE ECONOMICS The Basic Economic Problem.
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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 ...
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