IGCSE ECONOMICS
IGCSE Economics
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Summary IGCSE Economics
- Samenvatting • 44 pagina's • 2023
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IGCSE Economics 
Economics - The study of how scarce resources can be allocated to satisfy people’s unlimited wants. 
Scarcity - When there are not enough resources to satisfy our wants and needs. 
Resources - The inputs that are used in the production process to produce goods and services. These are also called Factors of Production. Resources are limited. 
 Capital - Human-made goods that are used in the production of other goods. Payment comes in Interest 
 Entrepreneurs (Enterprise) ...
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IGCSE Economics Exam|100 Complete Questions and Answers
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IGCSE Economics Exam|100 Complete Questions and Answers
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IGCSE Economics || All Questions Answered Correctly.
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Opportunity cost correct answers A cost of choosing one thing over the next best alternative. 
 
The economic problem correct answers The idea that resources are scare and wants are unlimited 
 
Economy correct answers Where people produce goods and services. 
 
Market correct answers Where a group of people willing to exchange goods and services meet. 
 
Perfect market correct answers Neither Consumer/producer solely influence the price charged for goods and services 
 
Imperfect market correct...
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IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem
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IGCSE Economics 0455 Notes (Chapter 1-2) | The Basis Economic Problem. 
Need ⇒ goods or services necessary for survival 
Want ⇒ goods or services NOT necessary for survival 
Finite resources ⇒ resources that will eventually run out 
Renewable resources ⇒ resources that can be replaced as they are used to produce 
goods or services 
The economic problem ⇒ limited resources and unlimited wants which leads to a 
problem called scarcity 
Scarcity ⇒ an economic problem where the resources...
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IGCSE Economics 0455 Notes (Chapter 1-2) For 2023
- Samenvatting • 23 pagina's • 2023
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IGCSE Economics 0455 Notes (Chapter 1-2) For 2023. Need ⇒ goods or services necessary for survival 
Want ⇒ goods or services NOT necessary for survival 
Finite resources ⇒ resources that will eventually run out 
Renewable resources ⇒ resources that can be replaced as they are used to produce 
goods or services 
The economic problem ⇒ limited resources and unlimited wants which leads to a 
problem called scarcity 
Scarcity ⇒ an economic problem where the resources are not enough to sa...
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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023
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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023. The Basic Economic 
Problem 
1.1. Economic Problem 
There are too few productive resources to make all the 
goods and services that consumers need and want. 
Unlimited wants and limited resources 
Scarcity of resources is the basic economic problem 
Types of goods 
Economic goods: A good or service that has a degree of 
scarcity and therefore an opportunity cost. 
Free goods: A good or service that is not scarce and is 
available in abundance. F...
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IGCSE Economics Section Unit 5 Revision Notes 2023
- Samenvatting • 12 pagina's • 2023
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IGCSE Economics Section Unit 5 Revision Notes 2023. Living standards or standards of living refer to all the factors that 
contribute to a person’s well-being and happiness 
Measuring Living Standards 
 GDP per head/capita: this measures the average income per person 
in an economy. 
Real GDP per capita = Real GDP / Population 
Merits of using GDP per capita to measure living standards: 
 GDP is a useful measure of the total production taking place in the 
country, and so indicates the m...
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IGCSE ECONOMICS The Basic Economic Problem.
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IGCSE ECONOMICS The Basic Economic Problem. The Nature of the Economic Problem 
Resources: are the inputs required for the production of goods and services. 
Scarcity: a lack of something (in this context, resources). 
The fundamental economic problem is that there is a scarcity of resources to satisfy all 
human wants and needs. There are finite resources and unlimited wants. This is 
applicable to consumers, producers, workers and the government, in how they manage 
their resources. 
Economic ...
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IGCSE Economics Section Unit 5 Revision Notes
- Samenvatting • 12 pagina's • 2023
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IGCSE Economics Section Unit 5 Revision Notes. Living Standards 
Living standards or standards of living refer to all the factors that 
contribute to a person’s well-being and happiness 
Measuring Living Standards 
 GDP per head/capita: this measures the average income per person 
in an economy. 
Real GDP per capita = Real GDP / Population 
Merits of using GDP per capita to measure living standards: 
 GDP is a useful measure of the total production taking place in the 
country, and so in...
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IGCSE ECONOMICS The Basic Economic Problem Summary.
- Samenvatting • 8 pagina's • 2023
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IGCSE ECONOMICS The Basic Economic Problem Summary. The Nature of the Economic Problem 
Resources: are the inputs required for the production of goods and services. 
Scarcity: a lack of something (in this context, resources). 
The fundamental economic problem is that there is a scarcity of resources to satisfy all 
human wants and needs. There are finite resources and unlimited wants. This is 
applicable to consumers, producers, workers and the government, in how they manage 
their resources. 
E...
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