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.
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