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Pearson Edexcel International GCSE Economics (4EC1)

1.1 The market system

1.1.1 The economic problem

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

1.1.6.a External costs

1.1.6.b Examples of external costs

1.1.6.c External benefits

1.1.6.d Examples of external benefits

1.1.6.e Social cost and social benefit formulae

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/1.1.6 Externalities/1.1.6.a External costs

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