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IGCSE Business Studies - Economic Issues p.t. 1
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This gives you an in-depth knowledge about economics 101. This includes government economic objectives and fiscal policies.
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✅Unit 2
TOPIC(S): Economic Issues—External Influences on Business Activity
PAGE(S):
1.1 Economic 101
It is the study of man in the ordinary business of life. It inquires about how he gets his income and
how he uses it.
💡
Opportunity Benefits and Costs: Scarcity:
Costs: KEYWORD(S):
About Tension
It means individuals, between infinite Opportunity
whatever you businesses, and wants and costs:
give up to do the government. limited represent
something. resources. the benefits
compelled to
It indicates that make decisions We need a way that could
you believe it's and consider the to analyse our have been
the best use of advantages and choices and get gained by
your time and disadvantages the most from making a
that the of each. our limited different
benefits resources, and choice.
outweigh the that is Trade-offs:
costs or missed economics. choosing
opportunities. between
alternatives.
1.2 Government Economic Objectives
Balance of Payments (BOP):
It is the difference between the values of export and import
goods and services in a country over a year.
Export: selling things to other countries. This can bring
money into the country, leading to a BOP surplus.
Imports: buying things from other countries. This can
send money out of the country, potentially causing a BOP
deficit.
❗️Remember:
Unit 2 1
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