IGCSE Economics Resources

Access ✓ Free — Sections 1 & 2 ⭐ Premium — Sections 3–6 & Exam Prep Extended = Extended candidates only Click any row to download the PDF

The Basic Economic Problem

Core & Extended · 4 subsections

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1.1

The nature of the economic problem

Scarcity · Unlimited wants · Limited resources · Economic problem

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1.2

The factors of production

Land · Labour · Capital · Enterprise · Factor rewards

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1.3

Opportunity cost

Trade-offs · Choice · Real-world applications · Decision-making

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1.4

Production possibility curves

PPC diagrams · Economic growth · Opportunity cost · Shifting the PPC

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The Allocation of Resources

Core & Extended · 11 subsections

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2.1

Microeconomics and macroeconomics

Definitions · Scope · Differences between micro and macro

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2.2

The role of markets in allocating resources

Price mechanism · Rationing · Signalling · Incentive functions

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2.3

Demand

Law of demand · Demand curve · Factors affecting demand · Shifts vs movements

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2.4

Supply

Law of supply · Supply curve · Factors affecting supply · Shifts vs movements

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2.5

Price determination

Equilibrium price · Equilibrium quantity · Surplus · Shortage

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2.6

Price changes

Simultaneous shifts · Effect on equilibrium · Diagram analysis

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2.7

Price elasticity of demand

PED formula · Elastic vs inelastic · Revenue implications · YED Extended · XED Extended

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2.8

Price elasticity of supply

PES formula · Determinants · Short-run vs long-run · Time and capacity

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2.9

Market economic system

Free market · Private ownership · Advantages · Disadvantages

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2.10

Market failure

Externalities · Public goods · Merit goods · Demerit goods · Information failure · Government intervention

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2.11

Mixed economic system

Command economy · Mixed economy · Role of government · Privatisation

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Microeconomic Decision Makers

Core & Extended · 8 subsections

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3.1

Money and banking

Functions of money · Commercial banks · Central bank · Credit creation

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3.2

Households

Income · Spending patterns · Saving · Factors influencing consumer decisions

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3.3

Workers

Labour supply · Wage determination · Factors affecting wages · Wage differentials

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3.4

Trade unions

Role of trade unions · Collective bargaining · Effects on wages and employment

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3.5

Firms

Types of business organisations · Business objectives · Sole trader · Partnership · Company

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3.6

Firms and production

Productivity · Division of labour · Economies of scale · Diseconomies of scale

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3.7

Firms' costs, revenue and objectives Extended

Fixed & variable costs · Average cost · Revenue · Break-even analysis · Profit maximisation

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3.8

Market structure Extended

Perfect competition · Monopoly · Oligopoly · Market power · Consumer welfare

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Government and the Macroeconomy

Core & Extended · 8 subsections

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4.1

The role of government

Public goods · Merit goods · Demerit goods · Government spending · Taxation

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4.2

The macroeconomic aims of government

Economic growth · Low inflation · Low unemployment · Balance of payments · Equity

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4.3

Fiscal policy

Government budget · Types of tax · Direct vs indirect · Multiplier effect Extended

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4.4

Monetary policy

Interest rates · Money supply · Credit availability · Central bank · Inflation targeting

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4.5

Supply-side policy

Labour market reforms · Privatisation · Deregulation · Education and training

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4.6

Economic growth

Causes of growth · Benefits · Costs · Sustainable growth · AD/AS framework

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4.7

Employment and unemployment

Types of unemployment · Causes · Consequences · Policies to reduce unemployment

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4.8

Inflation and deflation

CPI · Causes of inflation · Demand-pull vs cost-push · Consequences · Policies

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Economic Development

Core & Extended · 4 subsections

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5.1

Living standards

GDP per capita · HDI · Limitations of indicators · Comparing countries

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5.2

Poverty

Absolute vs relative poverty · Causes · Consequences · Policies to reduce poverty

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5.3

Population

Population growth · Age structure · Migration · Dependency ratio · Demographic transition

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5.4

Differences in economic development between countries

Barriers to development · Foreign aid · Trade · Debt relief · Domestic factors

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International Trade and Globalisation

Core & Extended · 4 subsections

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6.1

International specialisation

Absolute advantage · Comparative advantage · Division of labour · Terms of trade Extended

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6.2

Globalisation, free trade and protection

Tariffs · Quotas · Subsidies · WTO · Arguments for and against protectionism

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6.3

Foreign exchange rates

Floating vs fixed rates · Depreciation · Appreciation · Effects on trade and economy

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6.4

Current account of the balance of payments

Components · Trade in goods · Trade in services · Deficits · Surpluses · Policies

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Cambridge IGCSE Exam Papers & Technique

Papers 1 & 2 · Structured answers · Data response · Multiple choice strategy

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Paper 1 — Multiple choice

Strategy guide · Common traps · Time management · Question-type breakdown

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Paper 2 — Structured questions & data response

Structured answer technique · Data response · Define–explain–evaluate · Mark allocation

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IGCSE Economics Resource Library

Unlock Sections 3–6 + Exam Preparation

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