Igcse economics Study guides, Class notes & Summaries

CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023

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 ...

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.