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    GCSE Economics Revision Notes Syllabus

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    FETSYSTEM
    The document provides revision notes for Section 1 of the IGCSE Economics syllabus. It summarizes key topics like the fundamental economic problem of scarcity, factors of production including land, labor, capital and enterprise. It also defines opportunity cost and provides examples. The production possibility curve is introduced as a graph showing the different rates of production for two goods given limited resources. The notes direct students to the fetsystem website for additional free resources to aid exam preparation.

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    GCSE Economics Revision Notes Syllabus

    Uploaded by

    FETSYSTEM
    239 views3 pages
    The document provides revision notes for Section 1 of the IGCSE Economics syllabus. It summarizes key topics like the fundamental economic problem of scarcity, factors of production including land, labor, capital and enterprise. It also defines opportunity cost and provides examples. The production possibility curve is introduced as a graph showing the different rates of production for two goods given limited resources. The notes direct students to the fetsystem website for additional free resources to aid exam preparation.

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    The document provides revision notes for Section 1 of the IGCSE Economics syllabus. It summarizes key topics like the fundamental economic problem of scarcity, factors of production including land, labor, capital and enterprise. It also defines opportunity cost and provides examples. The production possibility curve is introduced as a graph showing the different rates of production for two goods given limited resources. The notes direct students to the fetsystem website for additional free resources to aid exam preparation.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    239 views3 pages

    GCSE Economics Revision Notes Syllabus

    Uploaded by

    FETSYSTEM
    The document provides revision notes for Section 1 of the IGCSE Economics syllabus. It summarizes key topics like the fundamental economic problem of scarcity, factors of production including land, labor, capital and enterprise. It also defines opportunity cost and provides examples. The production possibility curve is introduced as a graph showing the different rates of production for two goods given limited resources. The notes direct students to the fetsystem website for additional free resources to aid exam preparation.

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    Attribution Non-Commercial (BY-NC)
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    com [IGCSE ECONOMICS SECTION 1 REVISION NOTES

    Nature of the economic problem


    The fundamental economic problem arises due to scarcity
    Scarcity is when there are insufficient resources to satisfy everyone’s wants and needs
    Finite resources and unlimited wants

    Factors of Production
    Land
    Labor
    Capital
    Enterprise

    Land
    Natural occurring resources used for production purpose

    Examples:
     Earth on which mills are built
     Water in which fish is found
     Raw materials used to produce goods

    Labour
    Manual and mental effort to produce or deliver goods and services
    People who are willing or able to work are known as labour work force.

    Examples:
     Clerks
     Computer technician
     level Economics Teacher

    Capital
    Manmade goods to produce other goods and services
    Capital is classified into capital goods and consumer goods

    Examples:
     Machines
     Factories
     Roads

    Enterprise
    The people who bring the other 3 factors of production together to produce goods and services are
    called entrepreneur. In this process they do the decision making and risk taking.

    Opportunity cost
    The next best alternative foregone when a choice is made
    Opportunity cost is never in money value
    Opportunity cost is the benefits which could have been received by taking an alternative action.
    www.fetsystem.com [IGCSE ECONOMICS SECTION 1 REVISION NOTES

    Circumstances where opportunity cost is present


    Opportunity cost and consumers
    Opportunity cost and workers
    Opportunity cost and producers
    Opportunity cost and government

    Situations
    Ali can buy a ball or a pen. He decides to buy the pen. The opportunity cost of buying the pen is ball.
    Rahul can buy a 1 cd or a burger meal. He decides to buy 1 cd. The opportunity cost of buying 1 cd is
    burger meal

    Situations
    The government of china can either spend $2 million on roads or computer technology. It decides on
    spending on roads. The opportunity cost of the building the road is computer technology

    Production possibility curve (PPC)


    It is a graph that shows the different rates of production of two goods and/or services that an economy
    can produce efficiently during a specified period of time with a limited quantity of productive resources

    THESE ARE THE REVISION NOTES FOR ONE OF THE SECTIONS OF IGCSE
    ECONOMICS SYLLABUS FOR THE REMAINING NOTES LOG ON TO

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     REVISION NOTES
     QUESTION BANKS
     FORUMS
     QUIZZES
     CHAT ROOMS
     MOCK EXAMS
     DISCUSSION BOARD
    www.fetsystem.com [IGCSE ECONOMICS SECTION 1 REVISION NOTES

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