IGCSE Economics O Level

Table of contents

Assessment

Paper 1 (45 minutes) (30%)

Multiple Choice

30 marks

Candidates answer all 30 questions

Externally assessed

Paper 2 (2 hours 15 minutes) (70%)

Structured Questions

90 marks

Candidates answer one compulsory question and three questions from a choice of four.

Externally assessed

Chapter 3: Opportunity cost

Define opportunity cost: The (next) best alternative / choice forgone / sacrificed

Chapter 7: Demand

To save time and for the sake of clarity, economists also often draw demand curves as straight lines but they are still referred to as curves!

Chapter 13: Market economic system

Market can be divided into

• Private sector

• Public sector

Chapter 16: Money And Bank

2 ways to borrow money from bank

• Overdraft

• Loan

Chapter 17: Household

Average propensity to consume (APC) = Consumption /  Disposable income

Chapter 31: Inflation & Deflation

Inflation is the increase in the average price level of goods and services over time. 

Example of inflation: 

Let’s say you enjoy a scoop of ice cream that used to cost $2. Now, when you go to the ice cream shop, the same scoop costs $3. You need more money to buy the same ice cream because of inflatio

Text Book

Economics Paper 1 (MCQ) Quiz