Economics (0455)

6 sections available · 39 chapters available

Free Economics (0455) study notes for Cambridge IGCSE students. Each chapter covers a key topic with examples and practice prompts you can continue inside the thinka app.

The basic economic problem

The nature of the economic problem
The factors of production
Opportunity cost
Production possibility curve (PPC) diagrams

The allocation of resources

Microeconomics and macroeconomics
The role of markets in allocating resources
Demand
Supply
Price determination
Price changes
Price elasticity of demand (PED)
Price elasticity of supply (PES)
Market economic system
Market failure
Mixed economic system

Microeconomic decision makers

Money and banking
Households
Workers
Trade unions
Firms
Firms and production
Firms’ costs, revenue and objectives
Market structure

Government and the macroeconomy

The role of government
The macroeconomic aims of government
Fiscal policy
Monetary policy
Supply-side policy
Economic growth
Employment and unemployment
Inflation and deflation

Economic development

Living standards
Poverty
Population
Differences in economic development between countries

International trade and globalisation

International specialisation
Globalisation, free trade and protection
Foreign exchange rates
Current account of balance of payments

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