Current syllabus · first assessment 2027

IGCSE Economics Study Guide & Review

Prepare for Cambridge IGCSE Economics 0455 by connecting precise concepts to diagrams, calculations, unfamiliar data and causal analysis, then evaluating uncertain outcomes across the current two-paper assessment.

Unlock all resources
  1. 01Learn concepts
  2. 02Practise questions
  3. 03Review mistakes

How to study Cambridge IGCSE Economics 0455

Cambridge IGCSE Economics 0455 requires more than definitions. Build every concept as a causal model: identify what changes, which decision-maker responds, what happens next and which economic outcome is affected. Move deliberately between words, numbers and diagrams through opportunity cost and PPC and demand, supply and price before applying the same reasoning to macroeconomic policy and international trade.

Reconstruct the concept and mechanism in Concept and retrieve definitions, formulas, diagram conditions and comparison points in Mastery without notes. Apply them through the Question Bank using unfamiliar figures or data. Classify the first failure as knowledge, calculation, diagram, source interpretation, causal development or evaluation, repair that exact Topic and retry. In discussions, develop two contextual sides and acknowledge uncertainty instead of adding an unsupported formulaic conclusion.

Practise 0455 Economics by response behaviour

Use distinct routines for diagram reasoning, numerical interpretation, policy chains, unseen evidence and two-sided economic discussion across the current syllabus.

Use diagrams as causal models

PPC, demand, supply, equilibrium, price controls, tax, subsidy, labour markets and average total cost

Draw from blank labelled axes, mark the starting equilibrium and make one justified movement or shift. Explain the cause and resulting price, quantity, cost or allocation effect, then check that the diagram is required by 0455 rather than borrowed from a higher course.

Practise Allocation of Resources

Calculate and interpret

PED, PES, costs, revenue, budget balance, unemployment, inflation, GDP per head, exchange rates and current account

Write the relationship, substitute carefully and preserve units or percentage signs before using the calculator. Interpret the sign and magnitude in the stated context, then explain the likely behavioural or policy consequence instead of leaving a correct figure disconnected from Economics.

Build numerical practice

Develop policy chains

Fiscal, monetary and supply-side policy, market intervention, growth, sustainability and trade restrictions

Connect the action to incentives, spending, investment or costs, then to output, employment, prices, trade or environmental outcomes. Test where the chain depends on elasticity, time, confidence, affected groups or external conditions before claiming one universal result.

Practise Macroeconomics

Use unseen evidence

Written extracts, percentages, tables, patterns, exceptions, diagrams and real-country economic situations

Read the command and target first, select the exact figure, pattern or exception and calculate where required. Use economic theory to explain the evidence rather than paraphrasing the source, and keep each inference within what the supplied data can support.

Practise structured questions

Discuss two economic sides

Carbon taxes, subsidies, competition, current accounts, globalisation and multinational businesses

Develop both sides through explicit causal links, use the stated context and compare conditions, groups or time horizons. Recognise uncertain outcomes and finish where the analysis supports a judgement, without inventing a Cambridge rule that a standalone conclusion automatically earns marks.

Build discussion practice

Where to start

Start from a known Topic or diagnose whether the first weakness is terminology, diagrams, calculations, source interpretation, causal analysis or economic evaluation.

Choose your starting point

  1. I know the weak Topic

    Open its exact route and identify whether the missing output is a definition, diagram, calculation, causal link, data inference or discussion.

    Browse all 36 Topics

  2. I do not know what is weak

    Use mixed 0455 questions to separate recall gaps from diagram, numerical, unseen-source, analytical and evaluative errors.

    Start an Economics diagnostic

Choose the right 0455 starting point

  1. Explain the economic mechanism

    Reconstruct what changes, which agent responds, what happens next and which outcome is affected, including the conditions that could alter the chain.

    Review a Concept

  2. Retrieve representations

    Define the term, redraw the required diagram or state the numerical relationship from memory before checking notes or calculator output.

    Check Mastery

  3. Apply, evaluate and repair

    Use the exact context or data, develop the causal links and repair the first unsupported knowledge, interpretation or evaluation decision.

    Practise 0455 questions

Explore the 2027–2029 Cambridge 0455 syllabus

The current syllabus moves through six areas and 36 Topics: scarcity and allocation, microeconomic decision-makers, macroeconomic policy, development, trade and globalisation. Open one Unit, select the exact Topic and practise its concept across words, numbers, diagrams and context.

6
syllabus groups
36
mapped topics

1. The basic economic problem

Open unit questions
1.1. The nature of the basic economic problem1.2. Factors of production1.3. Opportunity cost1.4. Production possibility curve (PPC) diagrams

2. The allocation of resources

Open unit questions
2.1. The role of markets in allocating resources2.2. Demand2.3. Supply2.4. Price determination2.5. Price changes2.6. Price elasticity of demand (PED)2.7. Price elasticity of supply (PES)2.8. Market economic system2.9. Market failure2.10. Mixed economic system

3. Microeconomic decision-makers

Open unit questions
3.1. Money and banking3.2. Households3.3. Workers3.4. Firms3.5. Firms and production3.6. Firms’ costs, revenue and objectives3.7. Types of markets

4. Government and the macroeconomy

Open unit questions
4.1. Government macroeconomic intervention4.2. Fiscal policy4.3. Monetary policy4.4. Supply-side policy4.5. Economic growth4.6. Employment and unemployment4.7. Inflation

5. Economic development

Open unit questions
5.1. Living standards5.2. Poverty5.3. Population5.4. Differences in economic development between countries

6. International trade and globalisation

Open unit questions
6.1. Specialisation and free trade6.2. Globalisation and trade restrictions6.3. Foreign exchange rates6.4. Current account of the balance of payments

Cambridge IGCSE Economics 0455 assessment

All candidates take both externally assessed papers. Paper 1 tests rapid mixed knowledge and analysis; Paper 2 combines one compulsory unseen-data question with three chosen structured questions requiring diagrams, calculations, linked analysis and evaluation.

Paper / componentQuestionsTime% of grade
Paper 1: Multiple Choice40 compulsory four-option questions across all subject content40 marksThe paper assesses AO1 knowledge and AO2 analysis through definitions, calculations, diagram interpretation, numerical data and causal relationships. Calculators may be used.How to prepare: Use timed mixed sets, then diagnose every distractor by naming the definition, numerical relationship, curve movement or causal link that makes it wrong. Repair the responsible Topic and representation instead of recording only the correct option; the current paper contains 40 questions, not the older 30-question format.1 hour30%
Paper 2: Structured QuestionsCompulsory 20-mark Section A; answer three of four 20-mark questions in Section B80 marksSection A uses previously unseen real-situation text and data across six parts. Section B offers four questions with short contexts; candidates choose three, and each includes four parts ending in an 8-mark two-sided discussion. Calculators may be used.How to prepare: Practise extracting and using exact Section A evidence before applying theory. For Section B, select questions deliberately, rebuild required diagrams or calculations and develop explicit causal chains. In part (d), explain both sides in context, compare conditions and recognise uncertain outcomes rather than relying on a memorised conclusion formula.2 hours70%

SourceCambridge International Education · Cambridge IGCSE Economics 0455 syllabus for 2027, 2028 and 20290455 · 2027–2029 · Version 1

Cambridge IGCSE Economics 0455 questions

The revised syllabus applies from 2027 and reorganises content and assessment. Paper 1 is now 60 minutes, 40 marks and 40 questions; Paper 2 is now two hours and 80 marks, with a 20-mark compulsory Section A. Use current 2027–2029 Topics and specimen materials rather than retaining the older 2026 timings or mark allocations.

No. There is one assessment route: every candidate takes Paper 1 Multiple Choice and Paper 2 Structured Questions, and grades A*–G are available. Do not import Core/Extended language from Cambridge science or Mathematics courses, or combine this A*–G qualification with the separate 9–1 Economics code 0987.

For compulsory Section A, practise selecting exact evidence from unseen text, tables and diagrams before applying Economics. For Section B, choose three of four questions and train the 2-, 4-, 6- and 8-mark progression: precise knowledge, relevant application, developed causal analysis and a two-sided discussion that recognises context and uncertainty.

Practise PPC, demand and supply, equilibrium, elasticity, maximum and minimum prices, indirect tax, subsidy, labour-market and minimum-wage, and average-total-cost diagrams specified by the current syllabus. Cambridge explicitly says market-failure demand-and-supply diagrams and perfect or imperfect competition diagrams are not required, so do not import the full A-Level diagram set.

Yes. Calculators may be used in Paper 1 and both sections of Paper 2. You still need to identify the correct relationship, substitute accurately, retain units or percentages and interpret the result in economic context. Official evidence does not establish a general supplied formula sheet, so retrieve the required relationships rather than relying on one.