Igcse economics Samenvattingen, Aantekeningen en Examens
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CAIE IGCSE ECONOMICS (0455) SUMMARIZED NOTES 2023
- Samenvatting • 18 pagina's • 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
- 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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IGCSE Economics 0455 Notes (Chapter 1-2)
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IGCSE Economics 0455 
Notes (Chapter 1-2)
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IGCSE Economics |Graded A+| #Latest Study Guide
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IGCSE Economics |Graded A+| #Latest 
Study Guide 
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 powerf...
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Latest CIE IGCSE Economics Final Exam with 100% Correct Answers
- Tentamen (uitwerkingen) • 15 pagina's • 2024
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Latest CIE IGCSE Economics Final Exam 
with 100% Correct Answers 
what is the basic economic problem *Ans* how to allocate resources to satisfy unlimited 
needs and wants 
(scarcity) 
what is the chain of production *Ans* describes how businesses from the primary, 
secondary and tertiary sectors work interdependently to make a product and sell it to the 
final customer 
what are Economic Agents *Ans* households (private individuals in society), firms that 
operate in the private sector of an...
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IGCSE Economics Questions with Complete Answers.
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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. 
 
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 Answ...
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Economics: EDEXCEL IGCSE MICRO NOTES Commercestudy
- Samenvatting • 55 pagina's • 2023
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Edexcel economics igcse micro notes 
 
1. Economic Problems 
 
1.	What is economics? A social science studies the behavior of individual organization/the-entire economy. 
 
2.	Why do we study economics? Because there is a basic economic problem which has risen due to the scarcity of resources. 
 
3.	Define the following: 
•	Wants: people’s desire towards good/service 
•	Need: basic requirements needed for human survival 
•	Scarcity: When we are unable to fulfill our unlimited wants from ...
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IGCSE Economics 0455 Practice Questions and Answers (2023)
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Economic Growth Correct Answer The increase in output of the value of the goods and services produced in a country over a period of time 
 
Supply-side Policy Correct Answer A government action which leads to an increase in aggregate supply in an economy by improving either the quality or the quantity of resources 
 
Aggregate Supply (AS) Correct Answer The total supply of goods and services in an economy 
 
Productive Capacity/Productive Potential Correct Answer The ability of an economy to pro...
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IGCSE Economics 0455 Notes (Chapter 1-2)
- Tentamen (uitwerkingen) • 8 pagina's • 2024
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IGCSE Economics 0455 
Notes (Chapter 1-2)
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