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Pearson Edexcel International GCSE Economics (4EC1)

1.1 The market system

1.1.1 The economic problem

1.1.1.a Scarcity, finite resources and choice

1.1.1.b Opportunity cost and its effect on economic agents

1.1.1.c Production possibility curve diagrams

1.1.1.d Interpreting production possibility curves

1.1.1.e Causes of positive and negative economic growth

1.1.2 Economic assumptions

1.1.3 Demand, supply and market equilibrium

1.1.4 Elasticity

1.1.5 The mixed economy

1.1.6 Externalities

1.2 Business economics

2.1 Government and the economy

2.2 The global economy

3 Quantitative skills

IGCSE/Edexcel/Economics//Concept/1.1 The market system/1.1.1 The economic problem/1.1.1.c Production possibility curve diagrams

1.1 The market system

Syllabus: 2026
Section: 1.1
Level: —

Exam analysis

Most tested topics

The economic problem
Economic assumptions
Demand, supply and market equilibrium
Elasticity
The mixed economy
Externalities