IGCSE Revision Guide

Description

1. Basic Economic Problem

• 1.1 Nature of the economic problem
• 1.2 Factors of Production
• 1.3 Opportunity Cost
• 1.4 Production Possibility Frontier

2. The allocation of resources

• 2.2 Microeconomics and macroeconomics
• 2.2 The role of markets in allocating resources
• 2.3 Demand
• 2.4 Supply
• 2.5 Price determination
• 2.6 Price changes
• 2.7 Elasticity of demand
• 2.8 Price Elasticity of Supply
• 2.9 Market economic system
• 2.10 Market failure
• 2.11 Mixed Economic system

3 Microeconomic decision makers

• 3.1 Money and banking
• 3.2 Households
• 3.3. Workers
• 3.4 Trade unions
• 3.5 Firms
• 3.6 Firms and production
• 3.7 Firms’ costs, revenue and objectives
• 3.8 Market structure

4. Government and the macroeconomy

• 4.1 The role of government
• 4.2 Economic Objectives of the government
• 4.3 Fiscal policy
• 4.4 Monetary Policy
• 4.5 Supply-Side Policies
• 4.6 Economic growth
• 4.7 Employment and Unemployment
• 4.8 Inflation and deflation

5. Economic development

• 5.1 Living Standards
• 5.2 Poverty
• 5.3 Population
• 5.4 Differences in economic development

6. International trade and globalisation

• 6.1 International specialisation
• 6.2 Globalisation and Free trade
• 6.3 Exchange Rates
• 6.4 Balance of payments