Note :
Video 1:Unit 1: The basic Economic Problem
Video 2: Unit 2 : Allocation of resources
Video 3 : Unit 3 : Microeconomic Decision Makers
Free downloadable IGCSE Economics Revision Notes are given below:
1.1-IGCSE-Economcis-Revision-Notes-The-basic-economic-problem
1.2-IGCSE-Economcis-Revision-Notes-The factors of production
1.3-IGCSE-Economcis-Revision-Notes-Opportunity-cost
1.4-IGCSE-Economcis-Revision-Notes-Production-possibiity-curve
Topic 1: The Basic Economic Problem Revision Notes:
About these notes:
1. The economic problem: It is due to scarcity that there exists a basic economic problem of not being able to satisfy the want's of all people.
2. The economic problem can never be solved because the economic problem is scarcity. As we know the wants are infinite but resources are limited. The wants exceed resources as wants grow faster than resources
NATURE OF THE BASIC ECONOMIC PROBLEM
At any given point of time in an economy, output is limited by the resources and the technology available. There is therefore a basic condition of scarcity. On the other hand, the wants of the consumers are infinite or unlimited and the ability of the resources to satisfy those wants however are limited. There is therefore a need to make a choice as a result of this scarcity. This choice will be in terms of what to produce, how to produce and for whom to produce.
1. Economic good: An economic good has a benefit to the society.It is a consumable good that is useful to people but at the same time scarce in relation to its demand. Also economic goods have a price. Human effort is required to obtain economic goods.Economic goods come with an opportunity cost.Examples of economic goods include:Piped gas,, electricity, cars, mobiles etc.
2. Free good: It is a product that does not require any resources to make it and so does not have an opportunity cost.Example of free goods are: air, water, wind etc.The differences between free goods and economic goods is also mentioned
The next topic Opportunity Cost has a set of important key points. These points included are based on the data extracted from IGCSE Past papers, keeping in mind the syllabus requirements.Once again there are board exam questions, this time multiple choice questions , including graphical questions have been explained. The idea is to help you to apply the concepts learnt by you in novel situations. After all that is what IGCSE Economics is all about.
The next topic is The Production Possibility Curve.In this topic , you will come across key points such as movements along the PPC,points above , below and on the PPC, including description of the bow shaped PPC and the straight line PPC.All this followed by Board Exam Questions.
It is better that you refer to the videos for the various topis that five you a quick look at the actual IGCSE Economics Revision Notes. Note that the notes are revised as and when felt necessary by CAIE.
Topic 2 Allocation of Resources IGCSE Economics Revision Notes
This topic covers sub-topic such as :Microeconomics and macroeconomics/ The role of markets in allocating resources/Demand Supply/Price determination. More than me telling you , you need to view the adjoining video to understand the layout of these notes. In-fact a video preview will enable you to understand what makes our notes so very popular and in high demand. All credits to our dedicated team, that work hard to get the best resources to you
Topic 3 : Microeconomic decision makers
Sub-topics included are: factors affecting individual choice of occupation/ Wage determination/ Reasons for difference in earnings/ Specialization/Workers/Trade unions./Classification of firms/Small firms/Causes of growth of firms/Mergers/Economies and diseconomies of scale/ Demand for the factors of production/Labour intensive and capital intensive production/Production and productivity/Competitive and monopoly markets. Economics past papers where ever appropriate, giving you hints on what needs to be included as a part of your answers, these notes are an ideal guide for acing your Sub-topics included are: factors affecting individual choice of occupation/ Wage determination/ Reasons for difference in earnings/ Specialization/Workers/Trade unions./Classification of firms/Small firms/Causes of growth of firms/Mergers/Economies and diseconomies of scale/ Demand for the factors of production/Labour intensive and capital intensive production/Production and productivity/Competitive and monopoly markets. Economics past papers where ever appropriate, giving you hints on what needs to be included as a part of your answers, these notes are an ideal guide for acing your IGCSE's
Note that the IGCSE Economics Revision Notes come free with our website course membership . This membership includes, superbly segregated IGCSE Past Paper questions topic wise . The distinguishing point here is that we provide questions on the largest number of smaller topics. The following video will guide you on the contents of IGCSE Economics membership. Videos are also being added regularly so that learning new concepts becomes fun and easy too
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1. If the Command word is " Identify", then you need to only Name / select / recognise and nothing more than that.
2. If the command word is "Define", then , simply give precise meaning
3. If the command word is " Calculate" , then Work out from given facts, figures or information
4.If the command word is " Give" , then you need to Produce an answer from a given source or recall/ memory
5.If the command word is "Describe", then , State the points of a topic/ give characteristics and main features
6. If the command word is " Explain" , then Set out purposes or reasons/ make the relationships between things evident/ provide why and/ or how and support with relevant evidence
7.If the command word is " Discuss", then, Write about issue(s) or topic(s) in depth in a structured way
8. If the command word is "Analyse", then Examine in detail to show meaning, identify elements and the relationship between them
9. If the command word is " State" , then Express in clear terms
IGCSE Economics Mind Maps
Sample copies of mind maps that are a part of IGCSE Economics Membership
The following factors affect the demand of a product:
1. The price of the product
2. Changes in income
3. Price of substitute goods/services
4. Price of complementary goods/services
5.Changes in income
6.Changes in tastes and preferences of customers
So any time, a diagramatic display of learning material sparks an element of interest.
MIND MAP 2: Characteristics of developing economies:
Characteristics of developing economies:
1. Low level of health care
2. Low level of education
3. Low level of savings
4. High rate of population growth
5. Low income per head
6. Low life expectancy
7.High infant mortality rate
8.Low level of capital investment
9.Poor infrastructure
10.Poor housing and sanitation
11.High proportion of workers in the primary sector
Mind map 3: Functions of a commercial bank
Functions of commercial bank:
1.Acceptance of accounts in savings and current accounts
2.Enable customers to make payments
3.Can lend money
4.Provide traveler cheque/Foreign currency
5.Accept deposits of valuables
6.Advice on financial matters
7.Buy/Sell shares for customers
Mind Map 4: Aims of decision makers
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