IGCSE Economics - i-study
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IGCSE Economics
Study guide
Hywel Davies and Michael Wolstenholme .
Updated for the 2017-19 syllabus
LICENSED PRODUCT - SCHOOL USE ONLY
Published 2014 by i-study.co.uk
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First edition published March 2014
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Contents
Unit 1 - The Basic Economic Problem
5
The Factors of Production
Opportunity Cost
The Production Possibility Curve (PPC)
Chapter Review
7
11
12
13
Unit 2 - The Allocation of Resources
Merit, Demerit and Public Goods
Economic Systems
Market Forces: Demand, Supply and Equilibrium
Shifts of the Demand Curve
The Supply Curve
Shifts of the Supply Curve
Equilibrium
Elasticities
Calculating PED
Elasticities (continued)
Types of Goods
The Law of Diminishing Marginal Utility
Merits of the Market System
Market Failure
Private Costs and Benefits
Social Costs and Benefits
Conserving Resources versus Using Resources
Public Expenditure versus Private Expenditure
Chapter Review
Unit 3 - The Individual
Barter and the need for exchange
Money
Banking
Stock Exchanges
Choosing an Occupation
Changes in earnings over time for Individuals
Supply and Demand in relation to changes in earnings
Differences in earnings between occupational groups
Private/Public
Trade Unions
Specialisation for Individuals
Motives for spending, saving and borrowing
Saving
Chapter Review
3
14
14
16
19
20
21
22
23
25
25
26
30
31
32
33
35
36
37
38
40
41
41
42
43
45
46
48
49
50
51
52
53
54
55
56
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Unit 4 - The Private Firm
Business Organisations
Demand for the factors of production
Industrial Classifications
Profit, Revenue and Costs
The Costs of Business
The Costs of Business (continued)
Demand, Supply and Costs
Costs and Profits
Characteristics of Market structures
How perfect competition functions
Monopolies
Monopolies continued
The Growth of Firms
Economies of Scale
Diseconomies of scale
57
58
61
61
62
63
64
65
66
68
69
70
71
73
75
76
Unit 5 - The Role of Government
78
Aims of a Government
The Circular Flow of Income
Aggregate Demand and Supply
The Macroeconomic Diagram
Shifting Macroeconomic Curves
Demand and Supply-Side Policies
Fiscal Policy
Monetary Policy
Market-Oriented Supply-Side Policy
Interventionist Supply-Side Policy
The Multiplier Effect
Aims of Taxation
What makes a good tax?
What are the consequences of taxation?
Subsidies
The Macroeconomy
Chapter Review
79
80
82
83
84
88
89
90
92
93
95
97
99
99
100
101
104
Unit 6 - Economic Indicators
Unemployment
Consequences of unemployment
Multiple Choice Questions
Inflation
Measuring Inflation
Causes of inflation
Consequences of inflation
105
105
106
107
108
109
110
112
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Hyperinflation
Multiple Choice Questions
Measuring Output
Conservation vs Consumption
Chapter Review
Unit 7 - Development Economics
Measuring Development: The HDI
Identifying a Developing country
Alleviating Poverty
Population
Population Pyramids: Interpreting the Data
Developed Countries¡¯ Population Pyramids
Changing Times: The Effects of Population Growth
Why develop?
Drawbacks to Development
Why do some countries remain less developed?
Chapter Review
Unit 8 - International Trade
The Balance of Payments
Problems with the Balance of Payments
The Theory of Absolute Advantage Explained
Comparative Advantage
Comparative Advantage continued
Free Trade vs Protectionism
Questions for Review
Exchange Rates
What causes exchange rates to change?
Effects of a depreciation
Effects of an appreciation
Different Exchange Rates
Chapter Review
Worksheets
5
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
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