Complete Economics for Cambridge IGCSE

Syllabus matching grid 1 The basic economic problem 1.1 The nature of the economic problem 1.1.1: Finite resources and unlimited wants 1.1.2: Economic and free goods 1.2 Factors of production 1.2.1: Definitions of the factors of production and their rewards 1.2.2: Mobility of the factors of production 1.2.3: Quantity and quality of the factors of production 1.3 Opportunity cost 1.3.1: Definition of opportunity cost 1.3.2: The influence of opportunity cost on decision making 1.4 Production possibility curves (PPC) 1.4.1: Definition of PPC 1.4.2: Points under, on and beyond a PPC 1.4.3: Movements along a PPC 1.4.4: Shifts in a PPC 2 The allocation of resources 2.1 Microeconomics and macroeconomics 2.1.1: Microeconomics 2.1.2: Macroeconomics 2.2 The role of markets in allocating resources 2.2.1: The market system 2.2.2: Key resources allocation decisions 2.2.3: Introduction to the price mechanism 2.3 Demand 2.3.1: Definition of demand 2.3.2: Price and demand 2.3.3: Individual and market demand 2.3.4: Conditions of demand 2.4 Supply 2.4.1: Definition of supply 2.4.2: Price and supply 2.4.3: Individual and market supply 2.4.4: Conditions of supply 2.5 Price determination 2.5.1: Market equilibrium 2.5.2: Market disequilibrium 2.6 Price changes 2.6.1: Causes of price changes 2.6.2: Consequences of price changes 2.7 Price elasticity of demand (PED) 2.7.1: Definition of PED 2.7.2: Calculation of PED 2.7.3: Determinants of PED 2.7.4: PED and total spending on a product/revenue 2.7.5: Significance of PED 2.8 Price elasticity of supply (PES) 2.8.1: Definition of PES 2.8.2: Calculation of PES 2.8.3: Determinants of PES 2.8.4: Significance of PES 2.9 Market economic system 2.9.1: Definition of market economic system 2.9.2: Advantages and disadvantages of the market economic system 2.10 Market failure 2.10.1: Definition of market failure 2.10.2: Causes of market failure 2.10.3: Consequences of market failure 2.11 Mixed economic system 2.11.1: Definition of the mixed economic system 2.11.2: Government intervention to address market failure 3 Microeconomic decision makers 3.1 Money and banking 3.1.1: Money 3.1.2: Banking 3.2 Households 3.2.1: Influences on spending, saving and borrowing 3.3 Workers 3.3.1: Factors affecting an individual's choice of occupation 3.3.2: Wage determination 3.3.3: Reasons for differences in earnings 3.3.4: Division of labour/specialization 3.4 Trade unions 3.4.1: Definition of a trade union 3.4.2: The role of trade unions in the economy 3.4.3: The advantages and disadvantages of trade union activity 3.5 Firms 3.5.1: Classification of firms 3.5.2: Small firms 3.5.3: Causes and forms of the growth of firms 3.5.4: Mergers 3.5.5: Economies and diseconomies of scale 3.6 Firms and production 3.6.1: Demand for factors of production 3.6.2: Labour-intensive and capital-intensive production 3.6.3: Production and productivity 3.7 Firms' costs, revenues and objectives 3.7.1: Definition of costs of production 3.7.2: Calculation of costs of production 3.7.3: Definition of revenue 3.7.4: Calculation of revenue 3.7.5: Objectives of firms 3.8 Market structure 3.8.1: Competitive markets 3.8.2: Monopoly markets 4 Government and the macroeconomy 4.1 The role of government 4.1.1: The role of government 4.2 The macroeconomic aims of government 4.2.1: The macroeconomic aims of government 4.2.2: Possible conflicts between macroeconomic aims 4.3 Fiscal policy 4.3.1: Definition of the budget 4.3.2: Reasons for government spending 4.3.3: Reasons for taxation 4.3.4: Classification of taxes 4.3.5: Principles of taxation 4.3.6: Impact of taxation 4.3.7: Definition of fiscal policy 4.3.8: Fiscal policy measures 4.3.9: Effects of fiscal policy on government macroeconomic aims 4.4 Monetary policy 4.5 Supply-side policy 4.5.1: Definition of supply-side policy 4.5.2: Supply-side policy measures 4.5.3: Effects of supply-side policy measures on government macroeconomic aims 4.6 Economic growth 4.6.1: Definition of economic growth 4.6.2: Measurement of economic growth 4.6.3: Causes and consequences of recession 4.6.4: Causes of economic growth 4.6.5: Consequences of economic growth 4.6.6: Consequences of economic growth 4.7 Employment and unemployment 4.7.1: Definition of employment, unemployment and full employment 4.7.2: Changing patterns and level of employment 4.7.3: Measurement of unemployment 4.7.4: Causes/types of unemployment 4.7.5: Consequences of unemployment 4.7.6: Policies to reduce unemployment 4.8 Inflation and deflation 4.8.1: Definition of inflation and deflation 4.8.2: Measurement of inflation and deflation 4.8.3: Causes of inflation and deflation 4.8.4: Consequences of inflation and deflation 4.8.5: Policies to control inflation and deflation 5 Economic development 5.1 Living standards 5.1.1: Indicators of living standards 5.1.2: Comparing living standards and income distribution 5.2 Poverty 5.2.1: Definition of absolute and relative poverty 5.2.2: The causes of poverty 5.2.3: Policies to alleviate poverty and redistribute income 5.3 Population 5.3.1: The factors that affect population growth 5.3.2: Reasons for different rates of population growth in different countries 5.3.3: The effects of changes in the size and structure of population on different countries 5.4 Differences in economic development between countries 5.4.1: Differences in economic development between countries 6 International trade and specialization 6.1 International specialization 6.1.1: Specialization at a national level 6.1.2: Advantages and disadvantages of specialization at a national level 6.2 Globalization, free trade and protection 6.2.1: Definition of globalization 6.2.2: Role of multinational companies (MNCs) 6.2.3: The benefits of free trade 6.2.4: Methods of protection 6.2.5: Reasons for protection 6.2.6: Consequences of protection 6.3 Foreign exchange rates 6.3.1: Definition of foreign exchange rate 6.3.2: Determination of foreign exchange rate in foreign exchange market 6.3.3: Causes of foreign exchange rate fluctuations 6.3.4: Consequences of foreign exchange rate fluctuations 6.3.5: Floating and fixed foreign exchange rates 6.4 Current account of balance of payments 6.4.1: Structure 6.4.2: Causes of current account deficit and surplus 6.4.3: Consequences of current account deficit and surplus 6.4.4: Policies to achieve balance of payments stability