Edexcel IGCSE Economics is a subject that involves the study of how individuals, businesses, and governments make decisions about the allocation of resources. It is a crucial subject that helps students understand the economic principles that govern our society and how these principles can be applied to real-world situations.
One of the key concepts in Edexcel IGCSE Economics is the law of supply and demand. This law states that the price of a good or service is determined by the balance between the quantity of the good or service that is available and the quantity that is demanded by consumers. When there is a higher demand for a good or service, the price will tend to rise. On the other hand, when there is a lower demand, the price will tend to fall.
Another important concept in Edexcel IGCSE Economics is the concept of elasticity. This refers to the degree to which the quantity of a good or service that is demanded by consumers changes in response to a change in the price of the good or service. For example, if the price of a good or service increases significantly, the quantity demanded may decrease significantly as well. On the other hand, if the price of a good or service decreases, the quantity demanded may increase significantly.
In Edexcel IGCSE Economics, students also learn about the role of government in the economy. Governments can use various tools, such as taxes, subsidies, and regulations, to influence the behavior of individuals and businesses. For example, a government may impose a high tax on a particular good or service to discourage its consumption, or it may offer a subsidy to a particular industry to encourage the production of a particular good or service.
In conclusion, Edexcel IGCSE Economics is a subject that teaches students about the principles that govern economic decision-making and how these principles can be applied in real-world situations. It is an important subject for anyone who wants to understand how our economy works and how to make informed decisions about the allocation of resources.
Igcse edexcel economics answers Free Essays
Enable customers to make payments 3. A seller will add a description of a product to a set of listings in the relevant section on the eBay web site, and buyers will place their bids if they are interested. Examples of labour-intensive industries: garment manufacturing and teaching. Award 3—4 marks for explaining the advantages and disadvantages of a ban on using mobile phones on public transport. Award 1—2 marks for an answer that shows limited understanding. See page 2 in the textbook for more examples of economic and free goods.
In this case, if cornflake producers hold large stocks of cornflakes, they would be able to increase supply to customers at very short notice. The idea is to help you to apply the concepts learnt by you in novel situations. Providing producers are not all running at full capacity which is highly unlikely the resources needed to step up production should be freely available. Consequently, people outside of Empress Developments will both benefit and suffer as a result of the new development. See page 135 in the textbook for an explanation of fixed costs. The change in the structure of industry in Country Y could be due to economic growth caused by an increase in the tourism industry typical of a less economically developed country such as Cambodia or Laos.
Hence, the correct option is D. If this is happening at Sensations, then they will be experiencing diseconomies of scale. This is an alarming fall. In this case variable costs are those which rise when Glenn sells more fishing trips. Farmers might group together to have more bargaining power when they buy agricultural supplies in bulk than if each famer bought their supplies individually. Garden furniture is the only product for which demand is likely to increase significantly as a result of this increase in income. The economic problem : It is due to scarcity that there exists a basic economic problem of not being able to satisfy the want's of all people.
This is because digital cameras and digital camera accessories are complementary goods. However, there are advantages to being a small operator. However, if it does so there will be an opportunity cost. This caused a significant increase in the demand for houses which forced up prices. In a planned economy, the government oversees production decisions what, how and for whom production should take place.
The new company will also be able to exploit economies of scale since it will be a bigger operation. Large firms like Sony also have the resources to develop new technologies and products. The buyers on eBay are the people who make the bids and they represent demand. This membership includes, superbly segregated IGCSE Past Paper questions topic wise. Chapter 8 Getting started: a The supply of antiques cannot be increased. For example, there are likely to be a number of bus and coach companies offering transport services between these destinations. Clearly, the forces of supply and demand are entirely responsible for the prices set on eBay.
This imposes a cost on society such as poor air quality which might cause ill health or other problems. Demand for luxury items like catamarans is likely to be affected. For example, an established industry in a region will encourage suppliers in that industry to set up close by. If there are no bids at all this means that there is no demand and the product will go unsold. Question 1: a The primary sector is concerned with the extraction of raw materials from the earth. As the example shows, demand for milk is not very responsive to changes in income. This might mean that with the extra fuel, for example, more of both goods could be produced.
In the 1970s, Jill and Ronnie employed up to 12 workers, however, due mainly to mechanisation they now only employ three. However, Japan is the third lowest at around 30 per cent. This means that the resources used by Tamer, such as his premises, can be made available for other uses. Hence, the firm will lose revenue. The products sold by every outlet will be identical.
Question 2: a i The proportion of women employed in the Australian economy has increased from 48. If the command word is " Discuss", then, Write about issue s or topic s in depth in a structured way 8. In addition, farmers will be able to move into higher value products. Award 1 mark for a shift in the supply curve. As a result a seller will be left with unsold goods. In A, people are buying goods from market traders in a souq.