Igcse economics - Study guides, Class notes & Summaries

IGCSE Economics 0455 Notes (Chapter 1-2)

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 ...

CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023

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...

IGCSE ECONOMICS The Basic Economic Problem Summary. 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. E...

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...

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...

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...

IGCSE Economics Section Unit 5 Revision Notes

Cambridge IGCSE and O Level Economics 2nd edition