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Curricula
IGCSE
Pearson Edexcel
Economics
The Market System
The Market System
1
The Economic Problem
1.1
The Nature of the Economic Problem
1.2
Production Possibility Curves
1.3
Opportunity Cost
2
Economic Assumptions
2.1
The Underlying Economic Assumptions
2.2
Reasons why the Assumptions may be Flawed
3
Demand, Supply & Market Equilibrium
3.1
Demand
3.2
Factors that Shift the Demand Curve
3.3
Supply
3.4
Factors that Shift the Supply Curve
3.5
Equilibrium & Disequilibrium
3.6
Market Equilibrium: Real-world Situations
4
Elasticity
4.1
Price Elasticity of Demand (PED)
4.2
The Significance of PES
4.3
Price Elasticity of Supply (PES)
4.4
The Significance of PED
4.5
Income Elasticity of Demand (YED)
5
The Mixed Economy
5.1
Inefficient Resource Allocation & Market Failure
5.2
Characteristics of Mixed Economies
5.3
The Importance of the Public & Private Sectors
5.4
Privatisation
5.5
Resource Allocation in Mixed Economies
5.6
Public Goods: The Free Rider Problem
6
Externalities
6.1
External Costs of Production
6.2
Understanding Externalities
6.3
External Benefits of Consumption
