Page 18 - Options Booklet IGCSE 2022-2023

Helping
Helping You Achieve e
ou Achiev
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IGCSE Economics
IGCSE Economics
IGCSE 0455

IGCSE Economics pupils gain the following life-
long skills;

• Develop knowledge and understanding of
economic terminology, principles and theo-
ries.

• Develop basic economic numeracy and litera-
cy and an ability to handle simple data includ-
ing graphs and diagrams.

• Develop an ability to use the tools of economic
analysis in particular situations.

• Learn how to identify and discriminate between differing sources of information and how to
distinguish between facts and value judgments in economic issues.

• Develop an ability to use economic skills (with reference to individuals, groups and organiza-
tions to understand better the world in which we live.

• Develop an understanding of the economies of developed and developing nations and of the
relationships between them; and to develop an appreciation of these relationships from the per-
spective of both developed and developing nations.

The IGCSE Economics syllabus consists of the following topics:-

1. The Basic Economics Problem:
The first section of the syllabus introduces the fundamental ideas and concepts that underpin the
study of economics including the basic economic problem, factors of production, opportunity cost,
and production possibility curves.

2. The allocation of resources:
The fundamental principles of resource allocation are considered through the price mechanism in
a market economy. The market forces of demand and supply, market equilibrium and disequilibri-
um, and elasticity form the core of this section.

3. Microeconomic Decision Makers
The microeconomy is an important area of study, and the approach to learning taken here is through
the role of the major decision makers: banks, households, workers, trade unions and firms.

4. Government and the Macroeconomy
Governments have different macroeconomic aims, and conflicts often arise between the choice of
measures used to achieve them. Variables must be measured to consider the causes and conse-
quences of change, and appropriate policies applied.

18 Jeddah Prep and Grammar School