IGCSE ECONOMICS EXAM
IGCSE ECONOMICS EXAM QUESTIONS AND ANSWERS GRADED A+
Opportunity cost - correct answer A cost of choosing one
thing over the next best alternative.
The economic problem - correct answer The idea that
resources are scare and wants are unlimited
Economy - correct answer Where people produce goods
and services.
,IGCSE ECONOMICS EXAM
Market - correct answer Where a group of people willing
to exchange goods and services meet.
Perfect market - correct answer Neither
Consumer/producer solely influence the price
charged for goods and services
Imperfect market - correct answer a powerful consumer
or producer can influence prices
The four factors of production - correct answer Land,
Capital, Labour, Enterprise
Consumer Goods - correct answer products bought by
consumers to satisfy their wants
The two types of consumer goods - correct answer
durable consumer good which can last a long time
, IGCSE ECONOMICS EXAM
and a non-durable consumer good which does not
last long.
Capital goods - correct answer Man made resources
produced by labour which can help in the
production of other goods and services.
Public goods - correct answer a good is offered by the
government since no private firm would be willing
to produce it
Merit goods - correct answer a good/service offered by
the government since it feels that people need
them regardless whether they can pay for them
Private wealth - correct answer goods and services owned
by entrepreneurs and people in the private sector
IGCSE ECONOMICS EXAM QUESTIONS AND ANSWERS GRADED A+
Opportunity cost - correct answer A cost of choosing one
thing over the next best alternative.
The economic problem - correct answer The idea that
resources are scare and wants are unlimited
Economy - correct answer Where people produce goods
and services.
,IGCSE ECONOMICS EXAM
Market - correct answer Where a group of people willing
to exchange goods and services meet.
Perfect market - correct answer Neither
Consumer/producer solely influence the price
charged for goods and services
Imperfect market - correct answer a powerful consumer
or producer can influence prices
The four factors of production - correct answer Land,
Capital, Labour, Enterprise
Consumer Goods - correct answer products bought by
consumers to satisfy their wants
The two types of consumer goods - correct answer
durable consumer good which can last a long time
, IGCSE ECONOMICS EXAM
and a non-durable consumer good which does not
last long.
Capital goods - correct answer Man made resources
produced by labour which can help in the
production of other goods and services.
Public goods - correct answer a good is offered by the
government since no private firm would be willing
to produce it
Merit goods - correct answer a good/service offered by
the government since it feels that people need
them regardless whether they can pay for them
Private wealth - correct answer goods and services owned
by entrepreneurs and people in the private sector
