Edexcel IGCSE Economics
This course offers a comprehensive insight into the economic systems that shape our daily lives and the global marketplace. You will begin by exploring the principles of microeconomics to understand the market forces of supply and demand and how they determine prices and resource allocation. The curriculum then expands to macroeconomics where you will examine government objectives such as controlling inflation, reducing unemployment, and stimulating economic growth. You will also investigate the complexities of the global economy including the impact of international trade, exchange rates, and globalisation. By learning to apply economic theories to real-world data, you will be equipped to analyse complex economic problems and make reasoned judgements about the choices societies face.
Core Content Areas
The Edexcel IGCSE Economics course is a two-year linear qualification assessed across two main themes: Microeconomics and Macroeconomics.
Paper 1: Microeconomics and Business Economics
This paper covers the **market system**, including the economic problem, demand and supply, market equilibrium, and elasticity. It also includes **business economics** topics like production, costs, revenues, market structures, and the labor market.
Paper 2: Macroeconomics and the Global Economy
This paper focuses on **government and the economy**, including macroeconomic objectives, policies (fiscal, monetary, and supply-side), and their relationships. It also covers the **global economy**, including globalization, international trade, and exchange rates.
Key Concepts
The course aims to develop an understanding of economic concepts like scarcity, opportunity cost, supply and demand, and market structures.
Skills Development
Students will learn to analyze economic data, write extended responses, and evaluate economic issues to make reasoned arguments and informed judgments.
Assessment Structure
- Paper 1 (4EC1/01): This is a 1-hour and 30-minute written examination worth 80 marks. It consists of four compulsory questions with a mixture of multiple-choice, short-answer, data response, and open-ended questions.
- Paper 2 (4EC1/02): This is also a 1-hour and 30-minute written examination worth 80 marks. It includes compulsory questions that test deeper understanding and analytical skills.
- Both papers are externally assessed and each accounts for 50% of the total International GCSE grade.