Edexcel IGCSE Economics 1.1.5 D How the Problems of What to Produce How to Produce and Topic Practice

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Pearson Edexcel International GCSE Economics

1.1 The market system

1.1.1 The economic problem

1.1.2 Economic assumptions

1.1.3 Demand, supply and market equilibrium

1.1.4 Elasticity

1.1.5 The mixed economy

1.1.5.a Mixed economy

1.1.5.b Public and private sector

1.1.5.c Difference between public and private sectors in terms of

1.1.5.d How the problems of what to produce, how to produce and

1.1.5.e Concept of market failure – linked to inefficient

1.1.5.f Why governments might need to intervene because of market

1.1.5.g Public goods – non-excludability, non- rivalry and how

1.1.5.h Role of the public sector and private sectors in the

1.1.5.i Relative importance of public sector and private sector

1.1.5.j Privatisation

1.1.5.k Effects of privatisation on

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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