IGCSE ECONOMICS EXAM QUESTIONS
WITH VERIFIED ANSWERS. A+ GRADE
2025/2026.
Opportunity cost - ANS A cost of choosing one thing over the next best alternative.
The economic problem - ANS The idea that resources are scare and wants are unlimited
Economy - ANS Where people produce goods and services.
Market - ANS Where a group of people willing to exchange goods and services meet.
Perfect market - ANS Neither Consumer/producer solely influence the price charged for
goods and services
Imperfect market - ANS a powerful consumer or producer can influence prices
The four factors of production - ANS Land, Capital, Labour, Enterprise
Consumer Goods - ANS products bought by consumers to satisfy their wants
The two types of consumer goods - ANS durable consumer good which can last a long time
and a non-durable consumer good which does not last long.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Capital goods - ANS Man made resources produced by labour which can help in the
production of other goods and services.
Public goods - ANS a good is offered by the government since no private firm would be
willing to produce it
Merit goods - ANS a good/service offered by the government since it feels that people need
them regardless whether they can pay for them
Private wealth - ANS goods and services owned by entrepreneurs and people in the private
sector
Social wealth - ANS goods and services owned by the government in the public sector
National wealth - ANS both private and social wealth.
Earned income - ANS money earned while working (wage/salary).
Unearned income - ANS money generated from assets and wealth (no working required)
Resource allocation - ANS how much factors of production are used in the production of a
particular good/service.
Economic system - ANS Used to answer a countries three economics questions, what, how,
and for whom
The free market system - ANS both producers and consumers determine what and for whom
they produce goods
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
WITH VERIFIED ANSWERS. A+ GRADE
2025/2026.
Opportunity cost - ANS A cost of choosing one thing over the next best alternative.
The economic problem - ANS The idea that resources are scare and wants are unlimited
Economy - ANS Where people produce goods and services.
Market - ANS Where a group of people willing to exchange goods and services meet.
Perfect market - ANS Neither Consumer/producer solely influence the price charged for
goods and services
Imperfect market - ANS a powerful consumer or producer can influence prices
The four factors of production - ANS Land, Capital, Labour, Enterprise
Consumer Goods - ANS products bought by consumers to satisfy their wants
The two types of consumer goods - ANS durable consumer good which can last a long time
and a non-durable consumer good which does not last long.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Capital goods - ANS Man made resources produced by labour which can help in the
production of other goods and services.
Public goods - ANS a good is offered by the government since no private firm would be
willing to produce it
Merit goods - ANS a good/service offered by the government since it feels that people need
them regardless whether they can pay for them
Private wealth - ANS goods and services owned by entrepreneurs and people in the private
sector
Social wealth - ANS goods and services owned by the government in the public sector
National wealth - ANS both private and social wealth.
Earned income - ANS money earned while working (wage/salary).
Unearned income - ANS money generated from assets and wealth (no working required)
Resource allocation - ANS how much factors of production are used in the production of a
particular good/service.
Economic system - ANS Used to answer a countries three economics questions, what, how,
and for whom
The free market system - ANS both producers and consumers determine what and for whom
they produce goods
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
