COURSES DETAILS

 Contents

1    The basic economic problem

The first section of the syllabus introduces the fundamental ideas and concepts that underpin the study of economics including the basic economic problem, factors of production, opportunity cost and production possibility curves.

2    The allocation of resources

The fundamental principles of resource allocation are considered through the price mechanism in a market economy. The market forces of demand and supply, market equilibrium and disequilibrium, and elasticity form the core of this section.

3    Microeconomic decision makers

The microeconomy is an important area of study, and the approach to learning taken here is through the role of the major decision makers: banks, households, workers, trade unions and firms.

4    Government and the macroeconomy

Governments have different macroeconomic aims, and conflicts often arise between the choice of measures used to achieve them. Variables must be measured to consider the causes and consequences of change, and appropriate policies applied.

5    Economic development

As an economy develops there will be changes in population, living standards, poverty and income redistribution. Therefore, the effects of changes in the size and structure of population and of other influences on development in a variety of countries are explored.

6     International trade and globalisation

The importance of trade between countries and the growth of globalisation is explored. Principles such as specialisation, the role of free trade, the role of multinational companies, foreign exchange rates and balance of payments stability are considered.

Why choose this course?

Cambridge IGCSE™ syllabuses are created especially for international students. 

Cambridge IGCSE Economics is accepted by universities and employers as proof of knowledge and understanding of economics. Successful Cambridge IGCSE Economics candidates gain lifelong skills, including:

•   an understanding of economic theory, terminology and principles

•   the ability to apply the tools of economic analysis

•   the ability to distinguish between facts and value judgements in economic issues

•   an understanding of, and an ability to use, basic economic numeracy and literacy

•   the ability to take a greater part in decision-making processes in everyday life

•   an ability to use examples from a variety of economies

•   an excellent foundation for advanced study in economics.