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Cambridge IGCSE · Revision notes

Economics revision notes

Topic by topic notes, worked examples and practice questions for every topic in the Cambridge IGCSE and O Level Economics syllabus.

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The basic economic problem

  1. 1.Scarcity and choiceScarcity and opportunity cost, Factors of production, Production possibility curves

The allocation of resources

  1. 1.Markets and price determinationMicroeconomics and macroeconomics, Demand and supply, Equilibrium and price changes
  2. 2.Elasticity and revenuePrice elasticity of demand, Price elasticity of supply, Revenue and policy applications
  3. 3.Economic systems and market failureMarket and mixed economies, External costs and benefits, Government intervention

Microeconomic decision makers

  1. 1.Money banking and householdsFunctions of money, Commercial and central banks, Spending saving and borrowing
  2. 2.Workers wages and trade unionsOccupational choice and earnings, Labour demand and supply, Trade unions and wage differences
  3. 3.Firms production and growthBusiness objectives and sectors, Production and productivity, Growth and economies of scale
  4. 4.Costs revenue and competitionCost and revenue calculations, Profit and business decisions, Competitive markets and monopoly

Government and the macroeconomy

  1. 1.Government objectives and policiesMacroeconomic objectives, Fiscal policy and taxation, Monetary and supply-side policies
  2. 2.Growth employment and inflationReal GDP and the economic cycle, Unemployment causes and effects, Inflation measurement and consequences

Economic development

  1. 1.Living standards poverty and developmentDevelopment indicators, Absolute and relative poverty, Policies to reduce poverty
  2. 2.Population and development patternsPopulation growth and structure, Migration and dependency, Differences between economies

International trade and globalisation

  1. 1.Trade specialisation and protectionInternational specialisation, Free trade and globalisation, Protection methods and arguments
  2. 2.Exchange rates and external accountsFloating and fixed exchange rates, Exchange rate changes, Current account balances

These are Bright Minds revision notes and practice questions in Cambridge style, not official Cambridge International materials. Always check the syllabus year with your school.