Economics IGCSE syllabus.pdf

Define price elasticity of demand and supply and

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define price elasticity of demand and supply and perform simple calculations demonstrate the usefulness of price elasticity in particular situations such as revenue changes, consumer expenditure evaluate the merits of the market system describe the concept of market failure and explain the reasons for its occurrence define private and social costs 1 and benefits and discuss conflicts of interest in relation to these costs and benefits in the short-term and long-term through studies of the following issues: conserving resources versus using resources public expenditure versus private expenditure. 1 Social costs are equal to the sum of private costs and external costs.
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Syllabus content 12 Cambridge IGCSE Economics 0455. Syllabus for examination in 2015. 6.3 The individual as producer, consumer and borrower Candidates should be able to: describe the functions of money and the need for exchange describe the functions of central banks, stock exchanges, commercial banks identify the factors affecting an individual’s choice of occupation (wage factors and non-wage factors) describe likely changes in earnings over time for an individual describe the differences in earnings between different groups of workers (male/female; skilled/unskilled; private/public; agricultural/manufacturing/services) describe trade unions and analyse their role in an economy describe the benefits and disadvantages of specialisation for the individual analyse the different motives for spending, saving and borrowing discuss how and why different income groups have different expenditure patterns (spending, saving and borrowing). 6.4 The private firm as producer and employer Candidates should be able to: describe the type of business organisation in the public and private sectors: sole proprietors, partnerships, private limited companies, public limited companies, multinationals, co-operatives, public corporations describe and evaluate the effects of changes in the structure of business organisations describe what determines the demand for factors of production distinguish between labour-intensive and capital-intensive production define productivity and recognise the difference between productivity and production define total and average cost, fixed and variable cost and perform simple calculations analyse particular situations to show changes in total and average cost as output changes define total and average revenue and perform simple calculations describe the principle of profit maximisation as a goal and recognise that business organisations may have different goals describe the characteristics of perfect competition and monopoly describe pricing and output policies in perfect competition and monopoly describe the main reasons for the different sizes of firms (size of market, capital, organisation) describe and evaluate integration, economies and diseconomies of scale discuss the advantages and disadvantages of monopoly.
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Syllabus content 13 Cambridge IGCSE Economics 0455. Syllabus for examination in 2015.
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