IGCSE Economics Revision Notes

Topic 1: The Basic Economic Problem Revision Notes:

 About these notes:

• The first sub-topic is finite resources and unlimited wants.It includes key points such as the economic problem, reason why it cannot be solved, the nature of the economic problem, the economic and the free good.The data mentioned below is a part of our economic 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