There are many different types of markets. Supply is the amount of a product businesses are prepared to sell at different prices. The market price is the amount customers are charged for each item which depends on the demand and supply.ĭemand is the number of product customers is prepared to buy at different prices. These levels rise and fall according to a number of factors, and can have a big impact on the success of a business.Ī market is any place where buyers and sellers meet to trade products. Market prices depend on the levels of demand and supply. To start with the most essential and basic IGCSE Economics notes, let us consider the market price.

You can also download our very own Economic notes for revision here! In order for you to remember all economic definitions, we have noted all economic definition mind maps for you to understand the concept a lot better and faster! You must be able to define basic economic problems, understand the allocation of resources, describe the functions of a producer, consumer and borrower in an economy, describe the role of the government in an economy, explain economic indicators and state the reasons some countries are classified as developing economies. Once you’ve covered all objectives, you are required to go through all its content in the curriculum. You must be able to cover all four objectives in the context of economics. To obtain a good score requires diligent study practices and constant revision of past paper materials.īefore sitting for the IGCSE Economics exam, it is important for you to review the assessment requirements for the exam, such as knowledge with understanding, analysis, judgement and decision-making and critical evaluation. IGCSE Economics requires you to pass an exam to demonstrate your proficiency. Institutions throughout the world recognize this qualification as the best preparation a student would face before their university-level study and good IGCSE Economics notes certainly help.

When you’re preparing to sit for the IGCSE Economics exam, it is important to first note the importance of this international qualification.

Igcse business studies revision notes