Edexcel IGCSE Economics 1.1.1 A Problem of Scarcity Where There Are Unlimited Wants and Topic Practice

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Pearson Edexcel International GCSE Economics

1.1 The market system

1.1.1 The economic problem

1.1.1.a Problem of scarcity – where there are unlimited wants and

1.1.1.b Opportunity cost and its effect on economic agents

1.1.1.c Use of diagrams to show production possibility curve

1.1.1.d Production possibility curve diagram should be used to

1.1.1.e Possible causes of positive or 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

1.2.1 Production

1.2.2 Productivity and division of labour

1.2.3 Business costs, revenues and profit

1.2.4 Business competition

1.2.5 The labour market

1.2.6 Government intervention

2.1 Government and the economy

2.1.1 Macroeconomic objectives

2.1.2 Government policies

2.1.3 Relationships between objectives and policies

2.2 The global economy

2.2.1 Globalisation

2.2.2 International trade

2.2.3 Exchange rates

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