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
Each topic heading has been hyperlinked.
Click on the heading topic you wish to view from the table of contents to be redirected.
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller easynotesco. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $25.49. You're not tied to anything after your purchase.
