These notes are all you need to achieve those top grades in your exams!
- For the new IGCSE/GCSE Economics syllabus (based on the 9-1 IGCSE Edexcel Economics syllabus, but also suitable for other exam boards)
- Suitable for higher/foundation
- 57 pages of concise notes & diagrams (no unnecessa...
, TABLE OF CONTENTS
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Topic Brief description
HOW TO ANSWER QUESTIONS 1 mark, 2 marks, explain, analyse, assess,
evaluate
MARKET SYSTEM Scarcity, opportunity cost, production possibility
curve, positive & negative economic growth,
consumers & producers aim, reasons why
consumers & producers may not maximise
benefit, demand curve, supply curve,
equilibrium price, excess demand/supply, price
elasticity of demand, price elasticity of supply,
income elasticity of demand, public & private
sectors, market failure, privatisation & its effect
on consumers/workers/businesses/government,
externalities
BUSINESS ECONOMICS Production, different sectors of the economy,
productivity, division of labour, total costs, fixed
costs, variable costs, average costs, total
revenue, internal & external economies of
scale, diseconomies of scale, competition,
small & large firms, monopoly, oligopoly,
demand curve for labour, supply curve for
labour, market equilibrium wage, trade union
GOVERNMENT & THE ECONOMY Economic growth, GDP, economic cycle,
inflation, aggregate demand, consumer price
index, types of inflation, unemployment, current
account, environmental impacts & protection,
income inequality, Lorenz curve, expansionary
& contractionary fiscal policy, expansionary &
contractionary monetary policy, supply side
policies, relationships between objectives &
policies
GLOBAL ECONOMY Globalisation, MNCs, FDI, free trade,
protectionism, trading blocs, WTO, exchange
rate, demand & supply of currencies,
appreciation, depreciation
1
,how to answer
questions
, HOW TO ANSWER QUESTIONS
1 mark
● Multiple choice
● Define
● State
2 marks
● What is meant by
● Calculate
● Draw
For the following types of questions, define term & use context, explain cause &
consequence
EXPLAIN (3 marks)
● Statement
● 2 chains of reasoning
ANALYSE (6 marks)
Explain 2 things/factors
ASSESS (9 marks)
2 pros & 2 cons
Need to evaluate (e.g. however…)
EVALUATE (12 marks)
● 2 pros & 2 cons
● Conclusion
○ State your stance
○ Justify why
○ Evaluation
■ Which pro/con more important
■ In the short run vs in the long run
■ As long as/depending on
Give alternatives/combine with another solution/policy
2
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