CAIE IGCSE Economics 2.6.1 Definition of Ped Topic Practice

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IGCSE CAIE Economics

1. The basic economic problem

1.1. The nature of the basic economic problem

1.2. Factors of production

1.3. Opportunity cost

1.4. Production possibility curve (PPC) diagrams

2. The allocation of resources

2.1. The role of markets in allocating resources

2.4. Price determination

2.5. Price changes

2.6. Price elasticity of demand (PED)

2.6.1—Definition of PED

2.6.2—Calculation of PED

2.6.3—Determinants of PED

2.6.4—PED, consumer expenditure and firms’ revenue

2.6.5—Significance of PED

2.7. Price elasticity of supply (PES)

2.8. Market economic system

2.9. Market failure

2.10. Mixed economic system

3. Microeconomic decision-makers

3.1. Money and banking

3.2. Households

3.5. Firms and production

3.6. Firms’ costs, revenue and objectives

3.7. Types of markets

4. Government and the macroeconomy

4.1. Government macroeconomic intervention

4.2. Fiscal policy

4.3. Monetary policy

4.4. Supply-side policy

4.5. Economic growth

4.6. Employment and unemployment

5. Economic development

5.1. Living standards

5.3. Population

5.4. Differences in economic development between countries

6. International trade and globalisation

6.1. Specialisation and free trade

6.2. Globalisation and trade restrictions

6.3. Foreign exchange rates

6.4. Current account of the balance of payments

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