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1. Scarcity and Opportunity Cost – Understanding limited resources in global markets; evaluating opportunity cost in decision-making for labor and earnings.

2. Market Forces and Elasticity – Effects of supply changes on revenue; price elasticity of demand calculations; equilibrium shifts due to market shortages or surpluses.

3. Production and Labour Markets – Factors influencing supply of skilled workers; impact of living costs on wages; role of trade unions in wage negotiations.

4. Macroeconomic Indicators and Policies – Calculating GDP per capita; interpreting inflation and interest rate effects; progressive taxation and income distribution.

5. International Trade and Exchange Rates – Causes and effects of currency depreciation; international specialization; government restrictions on imports and trade barriers.

6. Economic Development and Population – Analyzing population pyramids; effects of economic growth on living standards; measuring unemployment and labor force participation.

CIE IGCSE Economics (0455) Nov 2024

Laura Bellini

Classification: Paper 1

Page count: 12

Viewed: 79

Last update: 3 months ago

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Economics 0455/13 Oct Nov 2024 | Cambridge IGCSE Past Papers With Mark Scheme

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