Economics > IGCSE > All the key terms studied in IGCSE Edexcel Economics Course (4EC0) (Questions with Answers.) (All)

All the key terms studied in IGCSE Edexcel Economics Course (4EC0) (Questions with Answers.)

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Economics Correct Answer The study of how society manages its scare resources to satisfy unlimited wants Economy Correct Answer A system that attempt to solve the basic economic problem. Micro-e... conomics Correct Answer The study of how households (buyers) and firms (sellers) make decisions regarding the allocation of limited resources and how they interact in specific markets as individuals Macro-economics Correct Answer The branch of economics that examines the behaviour of the whole economy Scarcity Correct Answer Society has limited resources and therefore cannot produce enough goods and services to satisfy everyone's wants. Opportunity Cost Correct Answer The next best alternative forgone when an economic decision is made Wants Correct Answer Anything you would like irrespective of whether you have the resources to purchase it. Needs Correct Answer Basic requirements for human survival Choice Correct Answer The selection of appropriate alternatives. Ceteris Paribus Correct Answer 'other things being equal' It is used as a reminder that all variables other than the one(s) being studied are assumed to be constant Production Possibility Curve Correct Answer This shows maximum quantities of different combinations of two products an economy can produce given current resources and the state of technology. Exporters Correct Answer Firms that sell overseas. Market Correct Answer A place or situation where buyers and sellers communicate with exchange in mind. Market Failure Correct Answer Market failure occurs when freely functioning markets fail to deliver an efficient allocation of resources. The result is a loss of economic and social welfare. Price Correct Answer The amount of money that goods are exchanged for a transaction. [Show More]

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