We use cookies to ensure that we give you the best experience on our website. We adhere to the GDPR and EU laws and we will not share your personal information with or sell it to third-party marketers. If you continue to use this site we will assume that you are happy with it. Our privacy policy Cookie policy
All notes shown in the following preview videos are available as pdf notes and are completely downloadable and printable to all the members of the IGCSE Economics Course.
The Course purchase will give you access to IGCSE Economics mind maps/ video lectures/topic questions /syllabus copies/Specimen papers/ IGCSE Economics key definitions and all new resources that will be additionally added from time to time.
Following are the IGCSE Economics Revision Notes for syllabus valid for2022/2023/2024 Exams.The notes are special in that they also guide you into the key points of answering the board exam questions as per the marking scheme. This is a very popular resources when it comes to Last minute Board Exam Revision, when a day before , you do not have enough time to read through every single text book page.
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. Theeconomicproblem: 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. Theeconomicproblemcannever be solvedbecausetheeconomicproblemisscarcity. As we know the wants are infinite but resourcesarelimited. The wants exceed resources as wantsgrowfasterthanresources
NATURE OF THE BASIC ECONOMIC PROBLEM
At any given point oftimeinaneconomy,outputislimited by theresources and thetechnologyavailable. There istherefore a basicconditionofscarcity.Ontheotherhand,thewantsoftheconsumers are infiniteorunlimitedandtheabilityoftheresources to satisfythosewantshowever are limited.Thereistherefore a need to make a choice as a resultofthisscarcity.Thischoicewill be in terms ofwhattoproduce,how to produce and forwhomtoproduce.
1. Economicgood:An economic good has a benefit to the society.Itis a consumablegoodthatisuseful to peoplebut at the same time scarceinrelationtoitsdemand.Alsoeconomicgoodshave a price.Humaneffortisrequiredtoobtaineconomicgoods.Economic goods come with an opportunity cost.Examples of economic goods include:Piped gas,, electricity, cars, mobiles etc.
2. Free good: It is a productthatdoesnotrequireanyresources to make it and sodoes nothave an opportunitycost.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 multipke choice questions , including graphical questions have been explained. The idea is to help you to apply the concepts learnet 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 EConomcis Revision Notes. Note that the notes are revised as and whan felt necessary by CAIE.
Allocation of Resources revision Notes:
This topic covers sun-topic such as :Microeconomics an dmacroeconomics/ 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. Infact a video preview will enable you to understand what makes our notes so very popular and in high demand. All credis 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/ Specialisation/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.Loaded with questions from IGCSE 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
Will provide you with a video preview for section 6 soon.
Note that the IGCSE Economics Revision Notes come free with our website course membership . This membership includes, superbly seggragated 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 membeship. Videoa are also being added regularly so that learning new concepts becomes fun and easy too.
Mind maps are an important tool in strengthening the concepts by building connections between ideas in a creative manner.One can learn concepts with clarity in an interesting way.
Here are a few mind maps that are free for all. yes that right free for all!While we have uploaded images of a few mind maps here, you can also access more mind maps for different igcse subjects such as IGCSE Biology/IGCSE Physics/IGCSE Chemistry etc. by clicking in the link below.
In the mean while enjoy going through the following mind maps.
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
Note: All details mentioned in the mind maps are a part of mark schemes. Students are requested to carefully study them. These mind maps are a great help from exam point of view and also to develop mastery of concepts other wise
Following is some additional data which you may find useful too, along with some board exam questions and answers for IGCSE Economcis
1. State the difference between Microeconomics ans macro economics
2. State the factors affecting borrowing
Factors affecting borrowing:
1.Availability of loans and overdrafts
2. Rate of interest
3. Confidence
4. Social attitudes
3. State the factors affecting the demand of a prodcut
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
4. State the functions of money
Functions of money are as follows:
1. Acts as a medium of exchange
2. It is a standard of deferred payments
3. It is a nit of account
4. It is a store of value
5. Define enterprise
Enterpriseis a factorthattakes the riskinbringing the otherfactorstogetherorcombining the otherfactorsinorder to producegoods and services to makeprofits . Enterpriseinvolves the takingofdecisionsin terms of what toproduceand how to produce. Enterpriseistaken by entrepreneurs exampleshareholderswhoreceiveprofitasreward
6. Usingexamples,define the factorofproductioncapital
Capitalcan be defined as anyhuman-madegoodthat is used to produce other goods andservices;thatis they areaids to production.Examplesofcapitalarefactories,machinery,tools,equipmentsetc.
7. What affects the mobility of factors of proction:
MOBILITY OF FACTORS OF PRODUCTION IS AFFECTED BY THE FOLLOWING FACTORS:
1.Difference in the price and the availability of housing in different areas and countries
2. Family ties
3. Difference in the educational system in different ares and countries
4. Restrictions on the movement of workers
5.Lack of information
Some more useful material to go through:
The economicresourcesofland,labour,capitaland enterprise arecalledas the factorsofproduction.
1. Land: It refers to allthenaturalresourcesusedin the productionsuchasoil,coaletc. In addition, the water,plants,animals etc arealsoincluded. Example: Farmland,minerals, sea. Land resources are the raw materials in the production process. These resources can be renewable, such as forests, or nonrenewable such as oil or natural gas.Land gives us rent
2. Labour: Labour standsfor the human effort(mentalorphysical)thatis used in producinggoodsandservices.Example: A teacher,workers.Infact all people with their efforts , abilities and skills are termed as labour.labour gives us wages
3. Capital:Capitalrefers to all the human made (man-made) goods usedinproduction.Example:Machinery and equipment, factories, conveyor belts, computers, delivery vans etc.Capital gives us interest.
4. Enterprise: It refersto the riskbearing and the key decision-makingfunctionin a business. This is needed assomeeventscannot be anticipatedbeforehandandmight not qualifyforbeing insured. Example:Anentrepreneur.Enterprise gives us profit
MICROECONOMICS AND MACROECONOMICS
MICROECONOMICS:
1.It is the study of the behaviour and the decision of households and firms and the performance of individual markets.
2.Studies variables such as the amount of a firm’s output or of a consumer’s income etc.
MARKET: It is an arrangement which brings buyers into contact with sellers
MACROECONOMICS:
1.It is the study of the whole economy.
2.It studies the aggregate economic behaviour. That is the behaviour of aggregate economic agents on aggregate economic markets.
3.It deals with the economic issues that affect the entire economy and most of the society.
4.It studies aggregate variables such as gross domestic product, national income, aggregate demand, general price level, rate of unemployment
Write a public review