{"id":175,"date":"2010-09-12T08:05:45","date_gmt":"2010-09-12T14:05:45","guid":{"rendered":"http:\/\/opengecko.com\/economics\/igcse-economics\/"},"modified":"2012-05-25T06:44:44","modified_gmt":"2012-05-25T12:44:44","slug":"igcse-economics","status":"publish","type":"page","link":"https:\/\/opengecko.com\/geckoview\/economics\/igcse-economics\/","title":{"rendered":"IGCSE Economics"},"content":{"rendered":"

Topic 1 Basic Economic Problem: Choice and the allocation of resources<\/font><\/p>\n\n\n\n\n\n\n
define the nature of the economic problem (finite resources and unlimited wants);<\/td>\nThe Basic Economic Problem \u2013 Part 1<\/a><\/td>\n<\/tr>\n
define the factors of production (land, labour, capital, enterprise);<\/td>\nThe Basic Economic Problem \u2013 Part 1<\/a><\/td>\n<\/tr>\n
define opportunity cost and analyse particular circumstances to illustrate the concept;<\/td>\nBasic Economic Problem\u2013Part 2<\/a><\/td>\n<\/tr>\n
evaluate the implications of particular courses of action in terms of opportunity cost.<\/td>\nBasic Economic Problem\u2013Part 2<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Topic 2 The allocation of resources: how the market works; market failure<\/font><\/p>\n\n\n\n\n\n\n\n\n\n\n
describe the allocation of resources in market and mixed economic systems;<\/td>\n\n

Economic Systems<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

demonstrate the principle of equilibrium price and analyse simple market situations with changes in demand and supply;<\/p>\n<\/td>\n

\n

Introducing Demand<\/a><\/p>\n

Demand Revisited<\/a><\/p>\n

Supply<\/a><\/p>\n

Supply Revisited<\/a><\/p>\n

Supply and Demand Interacting \u2013 The Equilibrium Price<\/a><\/p>\n

Equilibrium Price \u2013 How do The Laws of Supply and Demand Interact?<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

describe the causes of changes in demand and supply conditions and analyse such changes to show effects in the market;<\/p>\n<\/td>\n

\n

Should Eggs Be Sold At Their Pre-Flood Prices During the Flood Crisis?<\/a><\/p>\n

Quizzes and an IGCSE Past Paper Question to Assess Your Understanding of Demand, Supply and Market Equilibrium<\/a><\/p>\n<\/td>\n<\/tr>\n

define price elasticity of demand and supply and perform simple calculations;<\/td>\n\n

Price Elasticity of Demand<\/a><\/p>\n

Price Elasticity of Supply<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

demonstrate the usefulness of price elasticity in particular situations such as revenue changes, consumer expenditure;<\/p>\n<\/td>\n

\n

How does elasticity of supply and demand affect incidence of tax?<\/a><\/p>\n<\/td>\n<\/tr>\n

describe the concept of market failure and explain the reasons for its occurrence;<\/td>\n\n

Market Failure<\/a><\/p>\n<\/td>\n<\/tr>\n

evaluate the merits of the market system;<\/td>\n <\/td>\n<\/tr>\n
\n

define private and social costs1 and benefits and discuss conflicts of interest in relation to these costs
and benefits in the short term and long term through studies of the following issues:
\u2022 conserving resources versus using resources;
\u2022 public expenditure versus private expenditure.<\/p>\n<\/td>\n

\n

Enquiry\u2013Market Failure and Possible Solutions in Real Life Issues<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Topic 3 The individual as producer, consumer and borrower<\/font><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
describe the functions of money and the need for exchange;<\/td>\n\n

Money \u2013 Its Characteristics and Functions<\/a><\/p>\n<\/td>\n<\/tr>\n

describe the functions of central banks, stock exchanges, commercial banks;<\/td>\n\n

Stock Exchange<\/a><\/p>\n

Banks<\/a><\/p>\n<\/td>\n<\/tr>\n

identify the factors affecting an individual\u2019s choice of occupation (wage factors and non-wage factors);<\/td>\n <\/td>\n<\/tr>\n
describe likely changes in earnings over time for an individual;<\/td>\n\n

Changes in Earnings Over Time For An Individual<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

describe the differences in earnings between different occupational groups (male\/female; skilled\/
unskilled; private\/public; agricultural\/manufacturing\/services);<\/p>\n<\/td>\n

\n

Differences in Earnings between different Occupational Groups<\/a><\/p>\n

Understanding why wages differ between jobs using supply and demand analysis<\/a><\/p>\n

Do Women Earn Less than Men?<\/a><\/p>\n<\/td>\n<\/tr>\n

describe trade unions and their role in an economy;<\/td>\n <\/td>\n<\/tr>\n
describe the benefits and disadvantages of specialisation for the individual;<\/td>\n <\/td>\n<\/tr>\n
analyse the different motives for spending, saving and borrowing;<\/td>\n <\/td>\n<\/tr>\n
\n

discuss how and why different income groups have different expenditure patterns (spending, saving and
borrowing).<\/p>\n<\/td>\n

\n

Discuss how and why different income groups have different expenditure patterns (spending, saving and borrowing).<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Topic 4 The private firm as producer and employer<\/font><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

describe the type of business organisation in the public and private sectors: sole proprietors, partnerships, private companies, public companies, multi-nationals, co-operatives, public corporations;<\/p>\n<\/td>\n

\n

Types of Firm (Types of Business)<\/a><\/p>\n

Cooperatives<\/a><\/p>\n<\/td>\n<\/tr>\n

describe and evaluate the effects of changes in structure of business organisations;<\/td>\n <\/td>\n<\/tr>\n
describe what determines the demand for factors of production;<\/td>\n <\/td>\n<\/tr>\n
define total and average cost, fixed and variable cost and perform simple calculations;<\/td>\n\n

Output, Costs, Revenue and Profit<\/a><\/p>\n<\/td>\n<\/tr>\n

analyse particular situations to show changes in total and average cost as output changes;<\/td>\n\n

Output, Costs, Revenue and Profit<\/a><\/p>\n<\/td>\n<\/tr>\n

define total and average revenue and perform simple calculations;<\/td>\n\n

Output, Costs, Revenue and Profit<\/a><\/p>\n<\/td>\n<\/tr>\n

describe the principle of profit maximisation as a goal;<\/td>\n <\/td>\n<\/tr>\n
describe pricing and output policies in perfect competition and monopoly;<\/td>\n\n

Describe pricing and output policies in perfect competition and monopoly<\/a><\/p>\n<\/td>\n<\/tr>\n

describe the main reasons for the different sizes of firms (size of market, capital, organisation);<\/td>\n <\/td>\n<\/tr>\n
describe and evaluate integration, economies and diseconomies of scale;<\/td>\n\n

Economies of Scale<\/a><\/p>\n<\/td>\n<\/tr>\n

discuss the advantages and disadvantages of monopoly.<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Topic 5 Role of government in an economy<\/font><\/p>\n\n\n\n\n\n\n\n
describe the government as a producer of goods and services and as an employer;<\/td>\n <\/td>\n<\/tr>\n
\n

describe the aims of government policies, such as full employment, price stability, economic growth,
redistribution of income, balance of payments stability;<\/p>\n<\/td>\n

\n

The Economic Health Of A Country<\/a><\/p>\n

The Circular Flow Of Income<\/a><\/p>\n

Business Cycles<\/a><\/p>\n

Calculating Inflation<\/a><\/p>\n

What Are Supply Side Policies?<\/a><\/p>\n<\/td>\n<\/tr>\n

discuss the possible conflicts between government aims;<\/td>\n <\/td>\n<\/tr>\n
\n

describe the types of taxation (direct, indirect, progressive, regressive, proportional) and the impact of taxation;<\/p>\n<\/td>\n

\n

Taxation<\/a><\/p>\n<\/td>\n<\/tr>\n

discuss the government\u2019s influence (regulation, subsidies, taxes) on private producers.<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Topic 6 Economic indicators<\/font><\/p>\n\n\n\n\n\n\n\n\n
describe how the retail price index is calculated;<\/td>\n <\/td>\n<\/tr>\n
\n

discuss the causes and consequences of inflation.<\/p>\n<\/td>\n

\n

Causes of Inflation<\/a><\/p>\n<\/td>\n<\/tr>\n

describe the changing patterns and levels of employment;<\/td>\n <\/td>\n<\/tr>\n
\n

discuss the causes and consequences of unemployment.<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
define Gross Domestic Product (GDP);<\/td>\n\n

Output\u2013 Definitions of GDP<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

describe simple measures and indicators of comparative living standards, such as GDP per head, Human
Development Index (HDI).<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Topic 7 Developed and developing economies: trends in production, population and living standards<\/font><\/p>\n

describe why some countries are classified as developed and others are not;<\/p>\n\n\n\n\n\n\n\n\n\n
describe why some countries are classified as developed and others are not;<\/td>\n <\/td>\n<\/tr>\n
\n

recognise and discuss policies to alleviate poverty;<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
\n

describe the factors that affect population growth (birth rate, death rate, fertility rate, net migration) and discuss reasons for the different rates of growth in different countries;<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
\n

analyse the problems and consequences of these population changes for countries at different stages of
development;<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
describe the effects of changing size and structure of population on an economy;<\/td>\n <\/td>\n<\/tr>\n
\n

discuss differences in living standards within countries and between countries, both developed and developing.<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
Revision<\/strong><\/td>\n\n

Development Economics TED Talks<\/a><\/p>\n

Developed and Developing Economies \u2013 Online Resources and Revision Materials<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Topic 8 International aspects<\/font><\/p>\n

describe why some countries are classified as developed and others are not;<\/p>\n\n\n\n\n\n\n\n\n
describe the benefits and disadvantages of specialisation at regional and national levels;<\/td>\n\n

Understanding Comparative Advantage<\/a><\/p>\n

Economics Game: Ricardo, Coconuts and A Desert Island<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

describe the structure of the current account of the balance of payments;<\/p>\n<\/td>\n

\n

Understanding the Balance of Payments<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

define exchange rates;<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
\n

discuss the causes and consequences of exchange rate fluctuations;<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
describe methods of protection;<\/td>\n\n

\u2018Eat Local \u2018 Government Advertising Domestic Produce<\/a><\/p>\n<\/td>\n<\/tr>\n

\n

discuss the merits of free trade and protection.<\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/font><\/p>\n

Overall Revision and Exam Preparation<\/font><\/p>\n\n\n\n\n
\n

Revise IGCSE Economics<\/a><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
 <\/td>\n\n

How Long Should You Spend On the IGCSE Economics Paper 2 Questions?<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/font><\/p>\n

Here is the syllabus overview for revision purposes (use the tabs at the bottom to explore):<\/font><\/p>\n

<\/font><\/p>\n