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ECONOMICS Cambridge IGCSE  Economics is accepted by universities and employers as proof of knowledge and understanding of economics. Successful Cambridge …

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ECONOMICS

Cambridge IGCSE  Economics is accepted by universities and employers as proof of knowledge and understanding of economics. Successful Cambridge IGCSE Economics candidates gain lifelong skills, including: • an understanding of economic theory, terminology, and principle, and ability to apply the economic analysis tools. • Helps to distinguish between facts and value judgments in economic issues • an understanding of, and an ability to use basic economic numeracy and literacy • Helps to take a greater part in decision-making processes in everyday life • Ability to use various economics examples. • Excellent foundation for advanced study in economics.

Aims

The aims describe the purposes of a course based on this syllabus. The aims are to enable students to: • know and understand economic terminology, concepts, and theories • use basic economic numeracy and interpret economic data • use of economic analysis tools • express economic ideas logically and clearly in a written form • apply economic understanding to current economic issues.  

Content overview

1 Basic economic problem First section of the syllabus introduces the fundamental ideas and concepts that underpin the study of economics in other words, it includes the basic economic problem, factors of production, opportunity cost, and production possibility curves. 2 Allocation of resources Fundamental principles of resource allocation are considered through the price mechanism in a market economy. For instance, the market forces of demand and supply, market equilibrium and disequilibrium, and elasticity form the core of this section. 3 Microeconomic decision-makers The microeconomy is an important area of study, and the approach to learning taken here is through the role of the major decision-makers: banks, households, workers, trade unions, and firms. 4 Government and the macroeconomy Governments have different macroeconomic aims, and conflicts often arise between the choice of measures used to achieve them. However variables must be measured to consider the causes and consequences of change, and appropriate policies applied. 5 Economic development As an economy develops there will be changes in population, living standards, poverty, and income redistribution. Therefore, the effects of changes in the size and structure of population and of other influences on development in a variety of countries are explored. 6 International trade and globalization Importance of trade between countries and the growth of globalization is explored. Therefore principles such as specialization, the role of free trade, the role of multinational companies, foreign exchange rates, and balance of payments stability are considered.

Course Currilcum

  • The basic economic problem 00:00:00
  • The nature of the economic problem 00:00:00
  • Factors of production 00:00:00
  • Opportunity cost 00:00:00
  • Production possibility curves 00:00:00
  • The allocation of resources 00:00:00
  • Microeconomics and macroeconomics 00:00:00
  • The role of markets in allocating resources 00:00:00
  • Demand 00:00:00
  • Supply 00:00:00
  • Price determination 00:00:00
  • Causes of price changes 00:00:00
  • Price elasticity of demand 00:00:00
  • Price elasticity of supply 00:00:00
  • Market economic system 00:00:00
  • Market failure 00:00:00
  • Mixed economic system 00:00:00
  • Microeconomic decision makers 00:00:00
  • Money and banking 00:00:00
  • Households 00:00:00
  • Workers 00:00:00
  • Trade unions 00:00:00
  • Firms 00:00:00
  • Firms and production 00:00:00
  • Firms’ costs, revenue and objectives 00:00:00
  • Market structure 00:00:00
  • Government and the macroeconomy 00:00:00
  • The role of government 00:00:00
  • The macroeconomic aims of government 00:00:00
  • Fiscal policy 00:00:00
  • Monetary policy 00:00:00
  • Supply-side policy 00:00:00
  • Economic growth 00:00:00
  • Employment and unemployment 00:00:00
  • Inflation and deflation 00:00:00
  • Economic development 00:00:00
  • Living standards 00:00:00
  • Poverty 00:00:00
  • Population 00:00:00
  • Differences in economic development between countries 00:00:00
  • International trade and globalisation 00:00:00
  • International specialisation 00:00:00
  • Free trade and protection 00:00:00
  • Foreign exchange rates 00:00:00
  • Current account of the balance of payments 00:00:00
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