Igcse economics - Study guides, Class notes & Summaries
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IGCSE Economics Microeconomics (EDEXCEL) Notes
- Summary • 16 pages • 2023
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IGCSE Edexcel Economics Microeconomics notes (first half of the Pearson textbook). This can be used for revision for Paper 1 of the Edexcel IGCSE Economics course. Includes diagrams and perfect answers in bullet points (perfect for long-answer questions!)
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IGCSE Economics Definitions.
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IGCSE Economics Definitions 
 
 
 
 
 
 
 
 
 
 
ABNORMAL PROFIT	The surplus of revenue over costs enjoyed by a monopoly that is in excess of profit the same firm could expect to earn if it faced competition for its market. 
 
ABSOLUTE ADVANTAGE	The ability of a country or region to produce a good or service at a lower average cost per unit than any other country or region is able to. 
 
ABSOLUTE POVERTY	An economic condition of lacking both money and basic necessities needed to successfully l...
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IGCSE Economics (Edexcel) Definitions || All Correct.
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Economics correct answers The study of how society manages its scare resources to satisfy unlimited wants 
 
Economy correct answers A system that attempt to solve the basic economic problem. 
 
Micro-economics correct answers 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 answers The branch of economics that examines the behaviour of the whol...
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IGCSE Economics exam latest update A+ graded
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IGCSE Economics exam latest update A+ graded 
 
 
 
 
 
 
 
 
 
 
Definition of opportunity cost - answer 
 
The effects of opportunity cost on workers - answer 
 
The production possibility curve represents - answer 
 
How can a country be on its PPC? - answer 
 
A movement along the PPC results in - answer 
 
in order for the PPC to shift outwards, there must be - answer 
 
The two ways for economic growth are - answer 
 
The market system refers to - answer the method of ...
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IGCSE Economics || All Questions Answered Correctly.
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Opportunity cost correct answers A cost of choosing one thing over the next best alternative. 
 
The economic problem correct answers The idea that resources are scare and wants are unlimited 
 
Economy correct answers Where people produce goods and services. 
 
Market correct answers Where a group of people willing to exchange goods and services meet. 
 
Perfect market correct answers Neither Consumer/producer solely influence the price charged for goods and services 
 
Imperfect market correct...
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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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IGCSE Economics 0455 || with 100% Accurate Solutions.
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Economic Growth correct answers 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 answers 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 answers The total supply of goods and services in an economy 
 
Productive Capacity/Productive Potential correct answers The ability of an economy to...
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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 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 |Graded A+| #Latest Study Guide
- Exam (elaborations) • 12 pages • 2024
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IGCSE Economics |Graded A+| #Latest 
Study Guide 
Opportunity cost *Ans* A cost of choosing one thing over the next best alternative. 
The economic problem *Ans* The idea that resources are scare and wants are unlimited 
Economy *Ans* Where people produce goods and services. 
Market *Ans* Where a group of people willing to exchange goods and services meet. 
Perfect market *Ans* Neither Consumer/producer solely influence the price charged for 
goods and services 
Imperfect market *Ans* a powerf...
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