IGCSE Economics 0455 Topical Revision Notes

IGCSE Economics 0455 Topical Revision Notes. Content overview: 1 The basic economic problem 1.1 The nature of the economic problem 1.2 The factors of production 1.3 Opportunity cost 1.4 Production possibility curve (PPC) diagrams 2 The allocation of resources 2.1 Microeconomics and macroeconomics 2.2 The role of markets in allocating resources 2.3 Demand 2.4 Supply 2.5 Price determination 2.6 Price changes 2.7 Price elasticity of demand (PED) 2.8 Price elasticity of supply (PES) 2.9 Market economic system 2.10 Market failure 2.11 Mixed economic system 3 Microeconomic decision makers 3.1 Money and banking 3.2 Households 3.3 Workers 3.4 Trade unions 3.5 Firms 3.6 Firms and production 3.7 Firms’ costs, revenue and objectives 3.8 Market structure 4 Government and the macroeconomy 4.1 The role of government 4.2 The macroeconomic aims of government 4.3 Fiscal policy 4.4 Monetary policy 4.5 Supply-side policy 4.6 Economic growth 4.7 Employment and unemployment 4.8 Inflation and deflation 5 Economic development 5.1 Living standards 5.2 Poverty 5.3 Population 5.4 Differences in economic development between countries 6 International trade and globalisation 6.1 International specialisation 6.2 Globalisation, free trade and protection 6.3 Foreign exchange rates 6.4 Current account of balance of payments