IGCSE Economics Papers
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List of (0455) IGCSE Economics Past Year Papers
List of (0455) IGCSE Economics Past Year Papers | TWINS - IGCSE, A-Levels & Anglia Language Centre
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The Five (5) Crucial Objectives of the (0455) IGCSE Economics Past Year Papers
The primary objectives illustrate the use of a course based on this syllabus. The targets of the IGCSE Economics Past Year Papers are to enable students to:
#1 Identify and appreciate economic terminology, ideas and philosophies
#2 use basic economic proficiency and construe economic data
#3 apply the tools of economic investigation
#4 express economic ideas logically and clearly in a written form
#5 Use economic understanding to current economic problems.
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Outline of Syllabus for (0455) IGCSE Economics Past Year Papers
1 The basic economic problem
The initial part is to introduce the basic ideas and concepts that covers the learning of economics with the basic economic problem, factors of production, opportunity cost and production possibility curves.
2 The allocation of resources
The basic principles of resource allocation are considered through the price mechanism in a free economy. The market forces of demand and supply, market equilibrium and disequilibrium, and elasticity formulate the core of this part.
3 Microeconomic decision makers
The microeconomy is a significant area of study, and the method to education here is completed with the role of the major decision makers such as the banks, households, workers, trade unions and firms.
4 Government and the macroeconomy
Regime have different macroeconomic aims and struggles often arise between the choice of measures used to accomplish them. Variables must be measured to reflect the grounds and costs of change, and suitable policies applied.
Read More 5 Economic development As an economy develops there will be variations in people, living standards, shortage and income redistribution. Therefore, the effects of changes in the size and demographic of population and of other effects on progress in a variety of countries are discussed. 6 International trade and globalisation The importance of trade between countries and the growth of globalisation is explored. Principles such as specialisation, the role of free trade, the role of international companies, balance of payments stability , and foreign exchange rates, interest rates and inflation are well-thought-out. Do you need IGCSE tuition help for your Economics? Do checkout our classes we offered here in Subang Jaya USJ. We have students from both private and international schools. Students from Puchong, Petaling Jaya PJ, Klang, Shah Alam, Ara Damansara, Putra Heights and Kuala Lumpur travels all their way here to our IGCSE Centre for additional help in their studies. Click here to find out more!
IGCSE (0455) Economics Past Year Papers - Syllabus Guide
Lecturers and scholars are encouraged to pay attention to study of the following subject content around current issues that affect other parts of the world and the students’ own countries. The events in IGCSE Economics Past Year Papers,
might include but are certainly not limited to:
(a) how large immigration movements may impact on GDP/ HDI in nations affected
(b) the influence the changes in commodity prices and the effect that mining may have on international trade
(c) the effect that a downturn in one country may have on other countries or people
(d) how changes in taxation and foreign exchange rates between states may impact on where multinational companies (MNCs) locate their head office and operations.
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1 The basic economic problem
1.1 The nature of the economic problem
1.1.1 finite resources and unlimited wants
Definition and examples of the economic problem in the contexts of: consumers; workers; producers; and governments to learn in these IGCSE Economics past year papers.
1.1.2 economic and free goods
The difference between economic goods and free goods.
1.2 The factors of production
1.2.1 definitions of the factors of production and their rewards
Definitions and examples of land, labour, capital and enterprise. Illustrations of the nature of each factor of production.
1.2.2 mobility of the factors of production
The effects on the mobility of the various factors.
1.2.3 quantity and quality of the factors of production
The causes of variations in the quantity and quality of the various factors.
1.3 Opportunity cost
1.3.1 definition of opportunity cost
Meaning and some examples of opportunity cost in different environment.
1.3.2 the influence of opportunity cost on decision making
Choices made by consumers, workers, producers and governments when distributing their resources.
1.4 Production possibility curve diagrams (PPC)
1.4.1 definition of PPC
Definition, drawing and understanding of suitable diagrams.
1.4.2 points under, on and beyond a PPC
The meaning of the location of production points.
1.4.3 movements along a PPC
Movements along a PPC and opportunity cost.
1.4.4 shifts in a PPC
The causes and results of shifts in a PPC in terms of an economy’s growth.
2 The allocation of resources – IGCSE Economics Past Year Papers
2.1 Microeconomics and macroeconomics
2.1.1 microeconomics
2.1.2 macroeconomics
The variance between microeconomics and macroeconomics and the decision creators involved in each.
2.2 The role of markets in allocating resources
2.2.1 the market system
How a market system works; with buyers, sellers, allocation of scarce resources, market equilibrium, and market disequilibrium.
2.2.2 key resources distribution decisions
Establishing that the economic problem produces three key questions about determining resource allocation – what to produce, how, and for whom.
2.2.3 overview to the price mechanism
How the price mechanism provides answers to these key provision questions.
2.3 Demand
2.3.1 definition of demand
Definition, draft and interpretation of appropriate diagrams.
2.3.2 price and demand
A demand curve to be drawn and used to show movements along a demand curve with correct terminology, for example extensions and contractions in demand.
2.3.3 individual and market demand
The relation between individual and market demand in terms of accumulation.
2.3.4 settings of demand
The causes of shifts in a demand curve with appropriate language, for example increase and decrease in demand.
2.4 Supply
2.4.1 definition of supply
Definition, drawing and explanation of appropriate diagrams.
2.4.2 price and supply
A supply curve to be drawn and used to illustrate movements along a supply curve with suitable terms, for example extensions and contractions in supply.
2.4.3 individual and market supply
The link between individual and market supply in terms of aggregation.
2.4.4 conditions of supply
The causes of shifts in a supply curve with proper terminology, for example increase and decrease in supply.
2.5 Price determination
2.5.1 market equilibrium
Definition, drawing and interpretation of demand and supply schedules and curves used to establish equilibrium price and sales in a market.
2.5.2 market disequilibrium
Definition, drawing and explanation of demand and supply schedules and curves used to identify
disequilibrium prices and lacks (demand more than supply) and extras (supply greater than demand).
2.6 Price changes
2.6.1 causes of price changes
Changing market environments as causes of price changes.
2.6.2 consequences of price changes
Demand and supply diagrams to be used to demonstrate these changes in market circumstances and their significances for equilibrium price and sales
2.7 Price elasticity of demand (PED)
2.7.1 definition of PED
2.7.2 calculation of PED
Calculation of PED using the method and interpreting the significance of the result. Illustration and interpretation of demand curve diagrams to display diverse PED.
2.7.3 determinants of PED
The key effects on whether demand is elastic or inelastic.
2.7.4 PED and total spending on a product/revenue
The relationship between PED and total spending on a product/revenue, both in a diagram and as a calculation.
2.7.5 significance of PED
The implications for decision making by consumers, producers and government.
2.8 Price elasticity of supply (PES)
2.8.1 definition of PES
2.8.2 calculation of PES
Calculation of PES using the formula and interpreting the significance of the result. Drawing and interpretation of supply curve diagrams to show different PES. There will be many questions of this in this 0455 IGCSE economics past year papers.
2.8.3 determinants of PES
The key influences on whether supply is elastic or inelastic.
2.8.4 significance of PES
The consequences for decision making by consumers, producers and government.
2.9 Market economic system
2.9.1 definition of market economic system
Including the roles of the private sector (firms and consumers) and the public sector (government) in a market economy.
2.9.2 advantages and disadvantages of the market economic system
Including examples of how it works in a variety of different countries.
2.10 Market failure
2.10.1 definition of market failure
The key terms associated with market failure: public good, merit good, demerit good, social benefits, external benefits, private benefits, social costs, external costs, private costs.
2.10.2 reasons of market failure
With respect to public goods, merit and demerit goods, external costs and external benefits, misuse of monopoly power and factor immobility. Examples of market failure with respect to these areas only.
2.10.3 costs of market failure
The implications of misallocation of resources in respect of the over consumption of demerit goods and goods with external costs, and the under consumption of merit goods and goods with external benefits. Note: demand and supply diagrams relating to market failure are not required.
2.11 Mixed economic system
2.11.1 definition of the mixed economic system
2.11.2 government intervention to address market failure
Definitions, drawing and interpretation of proper illustrations showing the effects of three government microeconomic policy measures: maximum and minimum prices in product, workers and foreign exchange markets; indirect tax policy; and subsidies. Definition only of government microeconomic policy measures: directives; privatisation and nationalisation; and direct provision of goods. The use of government interference in overcoming the problems of a market economic system.
Do you need IGCSE tuition for your Economics to do this IGCSE economics past year papers 0455? Do checkout our classes we offered here in Subang Jaya USJ. We have students from both private and international schools. Students from Puchong, Klang, Shah Alam, Ara Damansara, Putra Heights and Kuala Lumpur travels all their way here to our IGCSE Centre for additional help in their studies. Business Studies IGCSE tuition and Accounting IGCSE tuition are also available. Click here to find out more!
3 Microeconomic decision makers
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3.1.1 money
The forms, functions and characteristics of sound money.
3.1.2 Banking
The function and position of central banks and commercial banks for government, producers and consumers.
3.2 Households
3.2.1 the influences on spending, saving and borrowing
Including income, the rate of interest and confidence – between different homes and over time to be learnt in these IGCSE Economics past year papers.
3.3 Labours
3.3.1 factors affecting an individual’s choice of occupation
Wage and non-wage factors.
3.3.2 wage determination
The influences of demand and supply, relative bargaining power and government policy, including minimum wage.
3.3.3 reasons for differences in earnings
How changes in demand and supply, relative bargaining strengths, discrimination and government policy can all influence differences in earnings between workers will be appreciated once we practice enough of these 0455 IGCSE economics past year papers. Whether they are: skilled/unskilled; primary/secondary/tertiary; male/female; private sector/ governmental sector. Definition, drawing and interpretation of diagrams that illustrate the effects of changes in demand and supply in the labour market.
3.3.4 division of labour/specialisation
Advantages and disadvantages for employees, businesses and the economy.
3.4 Trade unions
3.4.1 definition of a trade union
3.4.2 the role of trade unions in the economy
Including engaging in collective bargaining on salaries, employment hours and working conditions; defending employment; and influencing government plan. Factors influencing the strength of trade unions will also be practiced when doing this 0455 IGCSE economics past year papers.
3.4.3 the advantages and disadvantages of trade union activity
From the viewpoint of workers, firms and the government.
3.5 Firms
3.5.1 classification of firms
In terms of primary/secondary/tertiary sectors and private/public sector, and the relative size of firms. Note: detailed information of dissimilar types of structure of a firm is not required.
3.5.2 small firms
The advantages and disadvantages of small firms, the challenges facing small firms and reasons for their existence.
3.5.3 causes and forms of the growth of firms
Internal growth, for example enlarged market share. External growth, for example mergers and acquisitions.
3.5.4 mergers
Examples, advantages and disadvantages of different types of mergers: horizontal, vertical, and conglomerate.
3.5.5 economies and diseconomies of scale
You will learn how internal and external economies and diseconomies of scale can affect a firm or industry as the size of production fluctuates when practicing this 0455 IGCSE economics past year papers.
3.6 Firms and production
3.6.1 demand for factors of production
Influences to include demand for the product, the price of different factors of production, their availability and their productivity.
3.6.2 labour-intensive and capital-intensive production
The reasons for adopting the dissimilar forms of production and their advantages and disadvantages.
3.6.3 production and productivity
The difference between, and influences on, manufacture and yield.
3.7 Firms’ costs, revenue and objectives
3.7.1 definition of costs of production
Total cost (TC), average total cost (ATC), fixed cost (FC), variable cost (VC), average fixed cost (AFC), average variable cost (AVC).
Note: marginal cost are not mandatory.
3.7.2 calculation of costs of production
Calculation of TC, ATC, FC, VC, AFC and AVC. Definition, drawing and understanding of illustrations that show how changes in output affect costs of production will be examine in these 0455 IGCSE Economics past year papers.
3.7.3 definition of revenue
Total revenue (TR) and average revenue (AR). Note: marginal revenue is not required.
3.7.4 calculation of revenue
Calculation of TR and AR. The influence of sales on revenue.
3.7.5 objectives of firms
Survival, social welfare, profit maximisation and growth.
3.8 Market structure
3.8.1 competitive markets
The effect of having a high number of firms on price, quality, choice, profit. Note: the theory of perfect and imperfect competition and diagrams are not required.
3.8.2 monopoly markets
Characteristics, advantages and disadvantages of monopoly. Note: diagrams are not needed.
4 Government and the macroeconomy – 0455 IGCSE Economics Past Year Papers
4.1 The role of government
4.1.1 the role of government
In term of locally, nationally and internationally.
4.2 The macroeconomic aims of government
4.2.1 the macroeconomic aims of government
This includes economic growth, full employment or low unemployment, stable prices or low inflation, balance of payments steadiness, redistribution of income. Details behind the choice of aims and the circumstances that governments set for each aim.
4.2.2 possible struggles between macroeconomic aims
Possible conflicts between aims: full employment versus stable prices; economic growth versus balance of payments stability; and full employment versus balance of payments stability will be tested in these 0455 IGCSE Economics past year papers.
4.3 Fiscal policy
4.3.1 the meaning of the budget
4.3.2 motives for government expenditure
The main areas of government spending and the reasons for and effects of spending in these areas.
4.3.3 reasons for taxation
Taxation as the main source of government revenue and the reasons for levying taxation.
4.3.4 classification of taxes
Examples of the different arrangements of tax; progressive, regressive, proportional; and direct, indirect.
4.3.5 principles of taxation
The qualities of a good tax.
4.3.6 impact of taxation
The impact of taxation on consumers, producers, government and the economy.
4.3.7 explanation of fiscal policy
4.3.8 fiscal policy measures
These 0455 IGCSE Economics past year papers will test on the tax and spending changes, in the form of fiscal policy, that cause budget balance or imbalance. Including controls of the size of a budget deficit or surplus.
Do you need IGCSE tuition help for your Economics to do this 0455 IGCSE economics past year papers? Do checkout our classes we offered here in Subang Jaya USJ. We have students from both private and international schools. Students from Puchong, Klang, Shah Alam, Ara Damansara, Petaling Jaya PJ, Putra Heights and Kuala Lumpur travels all their way here to our IGCSE Centre for additional help in their studies. Click here to find out more!
4.3.9 effects of fiscal policy on government macroeconomic aims
How fiscal policy measures may enable the government to achieve its macroeconomic aims. Note: aggregate demand and aggregate supply are not required.
4.4 Monetary policy
4.4.1 definition of money supply and monetary policy
4.4.2 monetary policy measures
Changes in interest rates, money supply and FOREX.
4.4.3 effects of monetary policy on government macroeconomic aims
How monetary policy measures may allow the government to achieve its macroeconomic intentions.
4.5 Supply-side policy
4.5.1 definition of supply-side policy
4.5.2 supply-side policy measures
Possible supply-side policy measures include education and training, labour market reforms, lower direct taxes, deregulation, improving incentives to work and invest, and privatisation.
4.5.3 effects of supply-side policy measures on government macroeconomic aims
How supply-side policy measures may enable the government to achieve its macroeconomic aims in these IGCSE Economics past year papers.
4.6 Economic growth
4.6.1 definition of economic growth
4.6.2 measurement of economic growth
Real Gross Domestic Product (GDP) and how it can be used to measure economic growth. GDP per head (capita).
4.6.3 causes and consequences of recession
Meaning of depression and how a recession moves the economy within its PPC.
4.6.4 causes of economic growth
How changes in total demand may increase the utilisation of resources and GDP – resulting in a movement from inside toward the PPC. How economic growth shifts the economy’s PPC to the right and is caused by changes in investment, technology, and the quantity and quality of the factors of production.
4.6.5 consequences of economic growth
The costs and benefits of economic growth in the context of different economies.
4.6.6 policies to promote economic growth
The range of policies available to promote economic growth and how effective they might be.
4.7 Employment and unemployment
4.7.1 definition of employment, unemployment and full employment
4.7.2 changing trends and level of employment
The nature and causes of changes in the pattern of employment, for example increase in share of workers employed in the tertiary sector and formal economy as an economy develops; a greater share of women in the labour force will be examine in these IGCSE Economics past year papers 0455 due to changes in community attitudes; deterioration in the proportion employed in the public sector as the nation moves towards a market economy.
4.7.3 measurement of joblessness or unemployment
How unemployment is measured – applicant count and labour force survey – and the formula for the unemployment rate.
4.7.4 causes and types of unemployment
Frictional, structural and cyclical unemployment.
4.7.5 significances of unemployment
The consequences of unemployment for the individual, firms and the economy.
4.7.6 policies to reduce unemployment
The range of policies available to reduce unemployment and how effective they might be.
4.8 Inflation and deflation
4.8.1 meaning of inflation and deflation
4.8.2 measurement of inflation and deflation
Measurement of inflation and deflation using the Consumer Prices Index (CPI) and Retail Price Index (RPI) will be tested in these 0455 IGCSE Economics past year papers.
4.8.3 causes of inflation and deflation
Causes of inflation: demand-pull and cost-push. Causes of deflation: demand-side and supply-side.
4.8.4 consequences of inflation and deflation
The consequences of inflation and deflation for consumers, workers, savers, lenders, firms and the economy as a whole.
4.8.5 strategies to govern inflation and deflation
The variety of policies available to control price increase and deflation and how effective they might be.
5 Economic development
5.1 Living standards
5.1.1 indicators of living standards
Real GDP per head and the Human Development Index (HDI). The components of real GDP and HDI. The pros and cons of real GDP and HDI.
5.1.2 comparing living standards and income distribution
Explanations for variances in living standards and income distribution within and between nations.
5.2 Poverty
5.2.1 definition of absolute and relative poverty
The difference between the two terms.
5.2.2 the causes of poverty
The causes of poverty including joblessness, low pays, sickness and age, different demographics.
5.2.3 policies to lessen poverty and redistribute Income
Policies including those endorsing economic growth, better education, more generous state aids, reformist taxation, and nationwide minimum wage are also practiced in this 0455 IGCSE economics past year papers.
5.3 Population
5.3.1 the factors that affect population growth
Birth rate, death rate, net migration, immigration and emigration.
5.3.2 reasons for different rates of population growth in different countries
How and why birth rates, death rates and net migration vary between countries.
5.3.3 the effects of changes in the size and structure of population on different countries
The concept of an optimal population. The effects of increases and decreases in population size and changes in the age and gender distribution of population. Note: understanding of a population pyramid is required, but drawing is not needed to know when doing these 0455 IGCSE Economics past year papers.
5.4 Differences in economic development between countries
5.4.1 differences in economic development between countries
The main causes and impacts of differences in income; productivity; population growth; size of primary, secondary and tertiary sectors; saving and investment; education; and healthcare.
6 International trade and globalisation – 0455 IGCSE Economics Past Year Papers
6.1 International specialisation
6.2.1 definition of globalisation
6.2.2 role of multinational companies (MNCs)
MNCs and the pros and cons to their host and home countries.
6.2.3 the benefits of free trade
The benefits of free trade for consumers, producers and the economy in a variety of countries.
6.2.4 methods of protection
This includes methods such as tariffs, import quotas, subsidies and embargoes.
6.2.5 reasons for protection
Which may include infant industry, declining industry, strategic industry and avoidance of dumping.
6.2.6 costs of protection
Effectiveness of protection and its impact on the home country and its trading partners.
6.3 Foreign exchange rates
6.3.1 definition of foreign exchange rate
Namely floating and fixed exchange rate systems.
6.3.2 determination of foreign exchange rate in foreign exchange market
The demand for and supply of a currency in the foreign exchange market and the determination of the equilibrium foreign exchange rate.
6.3.3 causes of foreign exchange rate fluctuations
Including changes in demand for exports and imports, changes in the rate of interest, speculation, and the entry or departure of MNCs.
6.3.4 Why foreign exchange rate fluctuations
The effects of foreign exchange rate fluctuations on export and import prices and spending on imports and exports via the PED.
6.3.5 the floating and fixed foreign exchange rates
The variation between, and the advantages and disadvantages of, a floating foreign exchange rate and a fixed foreign exchange rate system.
6.4 Current account of balance of payments
6.4.1 structure
The components of the current account of the balance of payments – trade in goods, trade in services, primary income and secondary income. Control of deficits and surpluses on the current account of the balance of payments and its section sections knowledge is needed when practicing these 0455 IGCSE Economics past year papers. Do you need IGCSE tuition help for your Economics to do this IGCSE economics past year papers 0455? Do checkout our classes we offered here in Subang Jaya USJ. We have students from both private and international schools. Students from Puchong, Klang, Shah Alam, Ara Damansara, Putra Heights and Kuala Lumpur travels all their way here to our IGCSE Centre for additional help in their studies. Click here to find out more!
6.4.2 causes of current account deficit and surplus
Reasons for deficits and surpluses.
6.4.3 consequences of current account deficit and surplus
Impact on GDP, employment, inflation and foreign exchange rate.
6.4.4 policies to achieve balance of payments stability
The range of policies available to achieve balance of payments stability and how effective they might be.
Why Practice (0455) IGCSE Economics Past Year Papers?
The IGCSE Economics Past Year Papers 0455 syllabuses are created especially for international scholars. For more than 24 years, the development of programs are developed to carter various nations, different categories of institutes and for students with a varied choice of skills.This IGCSE Economics Past Year Papers 0455 enable students and teachers alike to gain lifetime skills, which includes:
- an understanding of economic principles, jargon and ideologies
- the skill to apply the tools for analysis
- the capacity to differentiate between realities and value judgments in economic current issues
- an understanding of, and an ability to use, basic economic numeracy and literacy
- the ability to take a larger part in decision-making procedures in normal life
- an ability to use samples from a variety of economies
- a brilliant basis for innovative study in economics.
Learn more at www.cambridgeinternational.org/recognition
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