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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

1.1.5.a Mixed economy

1.1.5.b Public and private sector

1.1.5.c Public and private sector ownership, control and aims

1.1.5.d What, how and for whom to produce in a mixed economy

1.1.5.e Market failure and inefficient resource allocation

1.1.5.f Why governments intervene in markets

1.1.5.g Public goods and the free-rider problem

1.1.5.h Public and private sector roles in production

1.1.5.i Relative importance of public and private sectors

1.1.5.j Privatisation

1.1.5.k Effects of privatisation on stakeholders

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

3 Quantitative skills

Graph construction

Quantitative interpretation and decision-making

Question Bank/IGCSE Edexcel Economics/1.1 The market system/1.1.5 The mixed economy/1.1.5.f Why governments intervene in markets

Edexcel IGCSE Economics 1.1.5.f government intervention and market failure

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