Calculation of PED using the formula and interpreting the significance of the result. Drawing and interpretation of demand curve diagrams to show different PED. The key influences on whether demand is elastic or inelastic. The relationship between PED and total spending on a product/revenue, both in a diagram and as a calculation. The implications for decision making by consumers, producers and government. Supply and demand review doc Questions and suggested solutions

Changing market conditions as causes of price changes. Demand and supply diagrams to be used to illustrate these changes in market conditions and their consequences for equilibrium price and sales.

Including engaging in collective bargaining on wages, working hours and working conditions; protecting employment and influencing government policy. Factors influencing the strength of trade unions. From the viewpoint of workers, firms and the government. *Unit 3 review Questions with suggested solutions

How a market system works; including buyers, sellers, allocation of scarce resources, market equilibrium, and market disequilibrium. Establishing that the economic problem creates three key questions about determining resource allocation What, how, and for whom to produce? How the price mechanism provides answers to these key allocation questions. Questions and suggested solutions

Including the roles of the private sector (firms and consumers) and the public sector (government) in a market economy. Including examples of how it works in a variety of different countries. Questions and suggested solutions

The effect of having a high number of firms on price, quality, choice, profit. Characteristics, advantages and disadvantages of monopoly. *Unit 3 review Note: diagrams are not required. Note: the theory of perfect and imperfect competition and diagrams are not required Questions with suggested solutions

Influences to include demand for the product, the price of different factors of production, their availability and their productivity. The reasons for adopting the different forms of production and their advantages and disadvantages. The difference between, and influences on, production and productivity. *Unit 3 review Questions with suggested solutions

Real GDP per head and the Human Development Index (HDI). The components of real GDP and HDI. The advantages and disadvantages of real GDP and HDI. Reasons for differences in living standards and income distribution within and between countries. Questions and suggested answers

Wage and non-wage factors. The influences of demand and supply, relative bargaining power and government policy, including minimum wage. How changes in demand and supply, relative bargaining strengths, discrimination and government policy can all influence differences in earnings between workers whether they are: skilled/unskilled; primary/secondary/tertiary; male/female; private sector/public sector. Definition, drawing and interpretation of diagrams that illustrate the effects of changes in demand and supply in the labour market. Advantages and disadvantages for workers, firms and the economy. Questions with suggested solutions

Locally, nationally and internationally. Questions and suggested answers

Economic growth, full employment/low unemployment, stable prices/low inflation, balance of payments stability, redistribution of income. Reasons behind the choice of aims and the criteria that governments set for each aim. Possible conflicts between aims: full employment versus stable prices; economic growth versus balance of payments stability; and full employment versus balance of payments stability Review of Unit 4 Questions and suggested answers

IGCSE Econ - 8 mark past paper questions and structured answers. 77 past paper questions (8 mark) across the syllabus with detailed answers providing clear “discuss…” points with evident evaluation. Ideal for revision purposes or end of chapter review.

Real Gross Domestic Product (GDP) and how it can be used to measure economic growth. GDP per head (capita). Meaning of recession and how a recession moves the economy within its PPC. How changes in total demand may increase the utilisation of resources and GDP resulting in a movement from inside toward the PPC. How economic growth shifts the economy’s PPC to the right and is caused by changes in investment, technology, and the quantity and quality of the factors of production. The costs and benefits of economic growth in the context of different economies. The range of policies available to promote economic growth and how effective they might be. Review of Unit 4 Questions and suggested answers

Possible supply-side policy measures include education and training, labour market reforms, lower direct taxes, deregulation, improving incentives to work and invest, and privatisation. How supply-side policy measures may enable the government to achieve its macroeconomic aims. Review of Unit 4 Questions and suggested answers

Definitions, drawing and interpretation of appropriate diagrams showing the effects of three government microeconomic policy measures: maximum and minimum prices in product, labour and foreign exchange markets; indirect taxation; and subsidies. Definition only of government microeconomic policy measures: regulation; privatisation and nationalisation and direct provision of goods. The effectiveness of government intervention in overcoming the drawbacks of a market economic system. Questions and suggested solutions

The main areas of government spending and the reasons for and effects of spending in these areas. Taxation as the main source of government revenue and the reasons for levying taxation. Examples of the different classifications of tax; progressive, regressive, proportional; and direct, indirect. The qualities of a good tax. The impact of taxation on consumers, producers, government and economy as a whole. The tax and spending changes, in the form of fiscal policy, that cause budget balance or imbalance. Including calculations of the size of a budget deficit or surplus. How fiscal policy measures may enable the government to achieve its macroeconomic aims. Note: aggregate demand and aggregate supply are not required. Review of Unit 4 Questions and suggested answers

Changes in interest rates, money supply and foreign exchange rates. How monetary policy measures may enable the government to achieve its macroeconomic aims Review of Unit 4 Questions and suggested answers

In terms of primary/secondary/tertiary sectors and private/public sector, and the relative size of firms. The advantages and disadvantages of small firms, the challenges facing small firms and reasons for their existence. Internal growth, for example increased market share. External growth, for example mergers. Examples, advantages and disadvantages of different types of mergers: horizontal, vertical, and conglomerate. How internal and external economies and diseconomies of scale can affect a firm/industry as the scale of production changes. *Unit 3 review Note: detailed knowledge of different types of structure of a firm is not required. Questions with suggested solutions

The key terms associated with market failure: public good, merit good, demerit good, social benefits, external benefits, private benefits, social costs, external costs, private costs. With respect to public goods, merit and demerit goods, external costs and external benefits, abuse of monopoly power and factor immobility. Examples of market failure with respect to these areas only. The implications of misallocation of resources in respect of the over consumption of demerit goods and goods with external costs, and the under consumption of merit goods and goods with external benefits. Note: demand and supply diagrams relating to market failure are not required. Market failure review - PPT Supply and demand review - PPT Questions and suggested solutions doc