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O Level/IGCSE Economics (2281/0455) Revision Notes – 144- Read and Write

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141 Read and Write- Highly recommended O Level/IGCSE Economics (2281/0455) Revision Notes. These notes are a great resource to revise the topics already studied in course books and prove very useful for exam and test preparation in quick time.

144- Read and Write- O Level Economics (2281/0455) Revision Notes are compiled and prepared by Sohaib Alavi for the Economics O level and IGCSE Economics students.

Firstly, these are the first notes that incorporate the changes made in the 2020 curriculum by the Cambridge International Examination board. So, these notes are updated with all the changes made by the board for the 2020 and beyond curriculum.

Secondly, these notes include a formula template which cover all important and basic formulas expected in the final exams. Thirdly, and most importantly, these notes contain a unique set of exam pointers that advise students on all the different questions and sections that appear in both papers (P1 and P2).

This is a first for any set of notes. And finally, these notes contain a comprehensive and, simultaneously, to-the-point explanation of all the important topics and sub-topics which will give students the ideal platform to perfect their theoretical foundations of the O level Economics Curriculum without needing any further book for assistance.

Topics covered in this book.

UNIT – 1 BASIC ECONOMIC PROBLEM…………………………………………………………………………..
81.1 SCARCITY ……………………………………………………………………………………………………………..
81.2 TYPES OF GOODS……………………………………………………………………………………………………8
1.3 FACTORS OF PRODUCTION ……………………………………………………………………………………….9
1.4 OPPURTUNITY COST ………………………………………………………………………………………………10
1.5 PRODUCTION POSSIBILITY CURVE (PPC) …………………………………………………………………..10
1.6 PAST PAPER PRACTICE QUESTIONS (M2016-N2018 TOPICAL QUESTIONS)……………………….12

UNIT – 2 ALLOCATION OF RESOURCES ……………………………………………………………………… 14
2.1 MICROECONOMICS VS MACROECONOMICS………………………………………………………………….14
2.2 RESOURCE ALLOCATION AND MARKETS ROLE………………………………………………………………14
2.3 DEMAND ……………………………………………………………………………………………………………..15
2.4 SUPPLY ………………………………………………………………………………………………………………16
2.5 MARKET EQUILIBRIUM …………………………………………………………………………………………….18
2.6 CHANGES IN MARKET EQUILIBRIUM ……………………………………………………………………………19
2.7 PRICE ELASTICITY OF DEMAND (PED)……………………………………………………………………….20
2.8 PRICE ELASTICITY OF SUPPLY (PES) ………………………………………………………………………..22
2.9 MARKET ECONOMIC SYSTEM ……………………………………………………………………………………24
2.10 MARKET FAILURE ………………………………………………………………………………………………….24
2.11 MIXED ECONOMIC SYSTEM ………………………………………………………………………………………26
2.12 PAST PAPER PRACTICE QUESTIONS (M2016-N2018) ……………………………………………………27

UNIT – 3 MICROECONOMIC DECISION MAKERS………………………………………………………….. 30
3.1 MONEY AND BANKING …………………………………………………………………………………………….30
3.2 HOUSEHOLDS……………………………………………………………………………………………………….32
3.3 LABOR MARKETS …………………………………………………………………………………………………..33
3.4 TRADE UNIONS ……………………………………………………………………………………………………..38
3.5 FIRMS…………………………………………………………………………………………………………………40
3.6 PRODUCTION, COSTS AND REVENUE………………………………………………………………………….46
3.7 MARKET STRUCTURE AND MONOPOLY………………………………………………………………………..50
3.8 PAST PAPER PRACTICE QUESTIONS (M2016-N2018) ……………………………………………………53

UNIT – 4 GOVERNMENT AND MACROECONMY……………………………………………………………. 56
4.1 THE ROLE OF THE GOVERNMENT ………………………………………………………………………………56
4.2 MACROECONOMIC AIMS OF THE GOVERNMENT …………………………………………………………….56
4.3 FISCAL POLICY & TAXES…………………………………………………………………………………………58
4.4 MONETARY POLICY ……………………………………………………………………………………………….62
4.5 SUPPLY-SIDE POLICY ……………………………………………………………………………………………..63
4.6 ECONOMIC GROWTH………………………………………………………………………………………………64
4.7 EMPLOYMENT AND UNEMPLOYMENT ………………………………………………………………………….68
4.8 INFLATION AND DEFLATION………………………………………………………………………………………70
4.9 PAST PAPER PRACTICE (M2016-N2018) ……………………………………………………………………75

UNIT – 5 ECONOMIC DEVELOPMENT…………………………………………………………………………… 78
5.1 DEVELOPMENT……………………………………………………………………………………………………..78
5.2 POPULATION ………………………………………………………………………………………………………..82
5.3 PAST PAPER PRACTICE QUESTIONS (M2016-N2018) ……………………………………………………86

UNIT – 6 INTERNATIONAL TRADE AND GLOBALIZATION ……………………………………………. 88
6.1 INTERNATIONAL SPECIALIZATION……………………………………………………………………………….88
6.2 FREE TRADE AND PROTECTIONISM…………………………………………………………………………….895
6.3 EXCHANGE RATES …………………………………………………………………………………………………91
6.4 STRUCTURE OF THE CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS ………………………..94
6.5 PAST PAPER PRACTICE QUESTIONS (M2016-N2018) ……………………………………………………96

EXAM POINTERS……………………………………………………………………97

FORMULA INDEX…………………………………………………………………………………….100

BIBLIOGRAPHY/REFERENCES…………………………………………………………………….102

Economics O Level Revision Notes are a great resource for the students which they can use for revision of topics
they have already studied in course books and in classrooms. These Revision Notes prove very useful resources for exam and test preparation in quick time.

This book is highly recommended for the students who are preparing for the Cambridge Assessment International Examinations CAIE O Level Economics (2281/0455) Paper-1 and Paper-2 examination.

We provide Quick and Convenient Home Delivery through Cash On Delivery in all cities of Pakistan including Karachi, Lahore, Islamabad, Rawalpindi, Sialkot, Gujranwala, Gujrat, Hafizabad, Hyderabad, Faisalabad, Quetta, Peshawar, Multan, Larkana, Abbottabad, Sargodha, Sukkur & many more. QUICK NEXT DAY DELIVERY within 24 hours in many major cities. So hurry up and order now!

Book Code / Article No

144

Subject Code

2281/0455

Publisher

Read and Write

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