Economics O Level / IGCSE (2281/0455) Revision Notes Zain Mushtaq -145-Read and Write

Economics O Level / IGCSE (2281/0455) Revision Notes By Zain Mushtaq -145-Read and Write

Table of Contents 

UNIT 1: BASIC ECONOMIC PROBLEM AND PPC
1.1: The nature of the economic problem
1.2: Factors of production
1.3: Opportunity cost
1.4: Production possibility curve
1.5: Microeconomics vs Macroeconomics
1.6: Three key allocation decisions

UNIT 2: DEMAND AND SUPPLY
2.1: Demand
2.2: Supply
2.3: Market
2.4: Price change

UNIT 3: ELASTICITIES
3.1: Price Elasticity of Demand (PED)
3.2: Price Elasticity of Supply (PES)

UNIT 4: MARKET ECONOMIC SYSTEM, MARKET FAILURE, AND MIXED ECONOMIC SYSTEM
4.1: Market System
4.2: Disadvantage of Market economic system
4.3: Mixed Economic System

UNIT 5: MONEY AND BANKING
5.1: Money
5.2: Banking

UNIT 6: HOUSEHOLDS
6.1: Income can be either spent (spending/consumption) or saved (saving)

UNIT 7: WORKERS AND TRADE UNIONS
7.1: Factors influencing an individual’s choice of occupation
7.2: Function of trade union

UNIT 8: FIRMS
8.1: FIRMS
8.2: The type of factors of production employed is influenced by

UNIT 9: COSTS, REVENUE AND OBJECTIVES
9.1: Costs of production

UNIT 10: MARKET STRUCTURE
10.1: Market structure

UNIT 11: MACROECONOMIC AIMS AND POLICIES
11.1: Role of Government
11.2: Government’s Macroeconomic aims
11.3: Fiscal policy
11.4: Monetary Policy
11.5: Supply Side Policies

UNIT 12: ECONOMIC GROWTH
12.1: Economic growth

UNIT 13: UNEMPLOYMENT
13.1: Employment and unemployment

UNIT 14: INFLATION AND DEFLATION
14.1: Inflation, Deflation and Disinflation
14.2: Indicators of living standards
14.3: Absolute poverty vs Relative poverty
14.4: Factors affecting population growth

UNIT 15: ECONOMIC DEVELOPMENT
15.1: Differences in economic development between countries

UNIT 16: INTERNATIONAL SPECIALIZATION, FREE TRADE AND PROTECTION
16.1: Specialization
16.2: Globalization, free trade and protection

UNIT 17: EXCHANGE RATES
17.1: Foreign Exchange Rate

UNIT 18: CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS
18.1: Current account of balance of payments

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