Complete Economics for Cambridge IGCSE® and O Level

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