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IGCSE Economics

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IGCSE Economics (0455) has six topics: the basic economic problem, the allocation of resources, microeconomic decision-makers, government and the macroeconomy, economic development, and international trade. There are two papers — one multiple-choice, one structured.

The structured paper decides grades, and diagrams decide the structured paper. A demand-and-supply answer written in prose will not score what the same answer scores with a labelled diagram and a stated direction of shift.

Learn to draw each diagram from a blank page — both axes labelled, the shift arrowed. In the exam you are drawing, not recognising. The higher-mark parts ask you to evaluate, which means saying when your answer would not hold.

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Past Papers
  • 1

    The basic economic problem

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    • 1.1 The economic problem
    • 1.2 Factors of production
    • 1.3 Opportunity cost
    • 1.4 Production possibility curve (PPC) diagrams
    • 1.2 1.3 1.4 Data-response practice
    • 1.2 1.3 1.4 Exam tips
  • 2

    The allocation of resources

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    • 2.1 Markets and the price mechanism
    • 2.2 Demand
    • 2.3 Supply
    • 2.4 Price determination
    • 2.5 Price changes
    • 2.6 Price elasticity of demand (PED)
    • 2.7 Price elasticity of supply (PES)
    • 2.8 The market economic system
    • 2.9 Market failure
    • 2.10 The mixed economic system
    • 2.4 2.5 2.6 2.10 Data-response practice
    • 2.4 2.5 2.6 2.10 Exam tips
  • 3

    Microeconomic decision-makers

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    • 3.1 Money and banking
    • 3.2 Households
    • 3.3 Workers
    • 3.4 Firms
    • 3.5 Firms and production
    • 3.6 Firms' costs, revenue and objectives
    • 3.7 Types of markets
    • 3.4 3.5 3.6 3.7 Data-response practice
    • 3.4 3.5 3.6 3.7 Exam tips
  • 4

    Government and the macroeconomy

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    • 4.1 Government macroeconomic aims
    • 4.2 Fiscal policy
    • 4.3 Monetary policy
    • 4.4 Supply-side policy
    • 4.5 Economic growth
    • 4.6 Employment and unemployment
    • 4.7 Inflation
    • 4.5 4.6 4.3 4.4 Data-response practice
    • 4.5 4.6 4.3 4.4 Exam tips
  • 5

    Economic development

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    • 5.1 Living standards
    • 5.2 Poverty
    • 5.3 Population
    • 5.4 Differences in economic development between countries
    • 5.1 5.2 5.4 Data-response practice
    • 5.1 5.2 5.4 Exam tips
  • 6

    International trade and globalisation

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    • 6.1 Specialisation and free trade
    • 6.2 Globalisation and trade protection
    • 6.3 Foreign exchange rates
    • 6.4 The current account of the balance of payments
    • 6.1 6.2 6.3 6.4 Data-response practice
    • 6.1 6.2 6.3 6.4 Exam tips

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