Mindblown: a blog about philosophy.

How do I answer an IGCSE Economics multiple-choice question? Systematic steps to help you succeed in MCQ exams 1. Read the question stem carefully 2. Underline key words in the stem 3. Cover the options and think of the answer first Remember Distractors are written to trap common misconceptions Most wrong options are designed to…

An introduction to the skills AO1 Knowledge and Understanding Worked Example Define opportunity cost “Opportunity cost is the next best alternative foregone when a choice is made.” Both elements must be present for full AO1 marks AO2 Analysis Worked Example Explain why a fall in interest rates may increase consumer spending A strong AO2 explanation will show:…

What is examined in the CIE IGCSE Economics Paper 2? Structure of Paper 2 Section A: Data Response (20 marks) Section B: Structured Questions (60 marks)

What is examined in the CIE IGCSE Economics Paper 1? The structure of Paper 1 For more detailed help on how to approach multiple-choice questions, see the section “Answering 1-Mark MCQ Questions“ Each of the 40 questions: Has four answer options (A, B, C, D) Moves systematically through Topics 1, 2, 3, 4 etc. The first question will…

6.3 Foreign exchange rates6.3.1 Definition of foreign exchange rate6.3.2 Reasons for buying and selling foreign currencies 6.3 Foreign exchange rates 6.3.1 Definition of foreign exchange rate An exchange rate is the price of one currency in terms of another e.g. £1 = €1.18 International currencies are essentially products that can be bought and sold on the foreign exchange market (forex) Exchange…

6.2 Globalisation and trade restrictions6.2.1 Definition of globalisation6.2.2 Causes and consequences of changes in globalisation 6.2.5 Reasons for trade restrictions 6.2.1 Definition of globalisation Globalisation is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology [definition by: www.globalization101.org)…

6.1 Specialisation and free trade6.1.1 Specialisation by country 6.1 Specialisation and free trade 6.1.1 Specialisation by country Specialisation is when a nation concentrates its productive efforts on producing a limited variety of goods and services in which they’re really efficient and productive at and have an advantage over other economies in. For example, due to the existence…

1 The basic economic problem 1.1 The nature of the basic economic problem 1.2 Factors of production1.3 Opportunity cost1.4 Production possibility curve (PPC) diagrams2 The allocation of resources2.1 The role of markets in allocating resources2.2 Demand2.3 Supply2.4 Price determination2.5 Price changes2.6 Price elasticity of demand (PED)2.7 Price elasticity of supply (PES)2.8 Market economic system2.9 Market…

Topics 1.  The Basic Economic Problem 1.1 – 1.4 – The Basic Economic Problem 2. The Allocation of Resources 2.1 – 2.9 – How Markets Work 2.10 – 2.11 –  Market Failure and Government Intervention 3. Microeconomic decision makers 3.1 – Money and Banking 3.2 – Households 3.3 – Workers 3.4 – Trade Unions 3.5…

Table of contents Introduction Passing of Property (Sections 18 – 26) Risk Prima Facie Passes with Property (Section 26) Transfer of Title by Non-owners (Sections 27 – 30) Performance of the Contract of Sale (Sections 31 – 44) Introduction The sale of goods involves the transfer of ownership from the seller to the buyer. It…