LEARNING

OBJECTIVES-CONFIDENCE INDICATOR
IGCSE Economics
Section A: The Market System
LEARNING OBJECTIVE LEVEL OF CONFIDENCE
Understand what a market is and 1 2 3 4 5
give examples of types of markets
Understand the functions of a 1 2 3 4 5
market-how prices are determined
and how resources are allocated
Understand and explain what 1 2 3 4 5
effective demand is
Understand, explain and illustrate 1 2 3 4 5
the Demand curve
Understand, explain and illustrate 1 2 3 4 5
movements along a demand curve
Understand the determinants of 1 2 3 4 5
demand. Explain and illustrate
how they cause the demand curve
to shift
Understand, explain and illustrate 1 2 3 4 5
the supply curve
Understand, explain and illustrate 1 2 3 4 5
a movement along a supply curve
Understand and explain the 1 2 3 4 5
concept of fixed supply
Understand, explain and illustrate 1 2 3 4 5
the determinants of supply and
how they cause the supply curve to
shift
Understand, explain and illustrate 1 2 3 4 5
the equilibrium of a market model
Understand, explain and illustrate 1 2 3 4 5
shifts of demand and supply and
how they impact on the
equilibrium of a market model
Understand and explain the 1 2 3 4 5
impacts of changes in a market
model on the revenue earned in
the market
Understand and explain what price 1 2 3 4 5
elasticity of demand is
Calculate price elasticity of 1 2 3 4 5
demand coefficients
Explain the factors determining 1 2 3 4 5
the level of elasticity of demand
Understand and explain the 1 2 3 4 5
concept of price elasticity of supply
Calculate and interpret the value of 1 2 3 4 5
Price Elasticity of Supply
Explain and illustrate the impact of 1 2 3 4 5
various price elasticities of supply
and the slope of the supply curve
Understand and explain the factors 1 2 3 4 5
that determine the price elasticity
of supply
Understand and explain income 1 2 3 4 5
elasticity of demand
Calculate and interpret income 1 2 3 4 5
elasticity of demand
Understand and explain the factors 1 2 3 4 5
determining the value of income
elasticity of demand
Understand, explain and illustrate 1 2 3 4 5
the impact of price elasticity on
firms
Understand and explain the impact 1 2 3 4 5
of income elasticity on firms
Understand and explain the impact 1 2 3 4 5
of price elasticity and the
government
Understand and explain the 1 2 3 4 5
concept of scarcity
Understand and explain the 1 2 3 4 5
concept of the economic problem
Understand and explain the 1 2 3 4 5
concepts of choice and opportunity
cost
Understand, explain and illustrate 1 2 3 4 5
the concept of a PPC curve, shifts
along it and movements of the
curve
Understand and explain the 1 2 3 4 5
difference between the public and
private sector
Understand and explain the 1 2 3 4 5
different types of economic system
Understand and explain a mixed 1 2 3 4 5
economic system and how it
answers the three economic
questions
Understand and explain the 1 2 3 4 5
economic concept of effeciency
Understand and explain the 1 2 3 4 5
concept of market failure and the
causes of it
Understand and explain the 1 2 3 4 5
concept of a labour force
Understand and explain the 1 2 3 4 5
concepts of specialization and the
division of labour
Evaluate the impact of the division 1 2 3 4 5
of labour on workers and the firm
Understand, explain and illustrate 1 2 3 4 5
a labour market
Understand, explain and illustrate 1 2 3 4 5
the factors that influence the
demand for labour and how they
impact on the labour market
Understand, explain and illustrate 1 2 3 4 5
the factors that influence the
supply of labour and how they
impact on the labour market
Understand and explain why 1 2 3 4 5
wages are different between
different occupations
Understand and explain what a 1 2 3 4 5
minimum wage is and why it might
be implimented
Understand, explain and illustrate 1 2 3 4 5
the effects of a minimum wage on
the labour market
Understand and explain the impact 1 2 3 4 5
of trade unions on the labour
market






























 Section B: Business Economics
LEARNING OBJECTIVE LEVEL OF CONFIDENCE
Understand and explain what 1 2 3 4 5
production is and what the four
factors of production are
Understand and explain the 1 2 3 4 5
concepts of capital and labour
intensive production
Understand, explain and calculate 1 2 3 4 5
productivity
Understand and explain the three 1 2 3 4 5
sectors in the economy
Understand and explain the 1 2 3 4 5
concept of de-industrialisation
Understand, explain and calculate 1 2 3 4 5
fixed, variable, total and average
costs
Understand, explain and illustrate 1 2 3 4 5
the Average costs curve and the
concept of economies of scale
Understand, explain and calculate 1 2 3 4 5
total revenue, profits and losses
Understand, explain and illustrate 1 2 3 4 5
the causes of economies of scale
and diseconomies of scale
Understand and explain the 1 2 3 4 5
various methods to improve the
productivity of land, labour and
capital
Understand and explain the ideas 1 2 3 4 5
of social costs and social benefits
Understand, explain and evaluate 1 2 3 4 5
government measures to solve
externalities
Understand and explain what a 1 2 3 4 5
competitive market is
Understand and explain the 1 2 3 4 5
importance of competition to the
firm, to consumers and the
economy
Understand and explain how a firm 1 2 3 4 5
is measured
Understand and explain the 1 2 3 4 5
benefits of being a small firm as
opposed to being a large firm
Understand and explain the 1 2 3 4 5
motives for firms to grow
Understand and explain the 1 2 3 4 5
methods for growth evaluating the
methods of integration and
understanding and explain the
limitations of growth
Understand and explain what a 1 2 3 4 5
monopoly is what its key features
are
Understand and explain the 1 2 3 4 5
advantages and disadvantages of a
monopoly
Understand and explain what an 1 2 3 4 5
oligopoly is
Understand and explain the key 1 2 3 4 5
features of an oligopoly
Understand and explain the 1 2 3 4 5
advantages and disadvantages of
an oligopoly
Understand the difference 1 2 3 4 5
between public and private
businesses
Understand and explain the 1 2 3 4 5
different types of business
ownership
Understand and explain the aims 1 2 3 4 5
of private sector businesses and
compare them to the public sector
Understand and explain the need 1 2 3 4 5
for government regulation
Understand and explain how the 1 2 3 4 5
government can promote
competition
Understand and explain the 1 2 3 4 5
various regulatory bodies that
police competition
Understand and explain the 1 2 3 4 5
influence of the government on the
location of a business
Understand and explain the 1 2 3 4 5
concept of privatisation
Understand and explain why 1 2 3 4 5
privatization takes place
Understand and explain the effects 1 2 3 4 5
of privatisation






















 Section C: Government and the Economy

LEARNING OBJECTIVE LEVEL OF CONFIDENCE
Understand and explain what 1 2 3 4 5
macroeconomics is
Understand and explain how to 1 2 3 4 5
measure economic performance
Understand and explain the 1 2 3 4 5
various macroeconomic objectives
Understand and explain what 1 2 3 4 5
economic growth is
Understand and explain the 1 2 3 4 5
limitations of GDP as a measure of
growth
Understand and explain the 1 2 3 4 5
economic cycle and how it impact
on the economy
Understand and explain the 1 2 3 4 5
benefits and problems with
economic growth
Understand and explain what 1 2 3 4 5
inflation is
Understand and explain how 1 2 3 4 5
inflation is measured and what
causes it
Understand and explain the 1 2 3 4 5
consequences of inflation
Understand and explain how 1 2 3 4 5
inflation impacts on money
Understand and explain how 1 2 3 4 5
unemployment is measured
Understand and explain the types 1 2 3 4 5
of unemployment
Understand and explain the effects 1 2 3 4 5
of unemployment
Understand and explain visible and 1 2 3 4 5
invisible trade
Understand and explain the 1 2 3 4 5
balance of payments
Understand and explain the effects 1 2 3 4 5
of a current account deficit
Understand and explain the effects 1 2 3 4 5
of a current account surplus
Understand and explain the 1 2 3 4 5
balance of payments and the
government
Understand and explain methods 1 2 3 4 5
of environmental protection
Understand and explain what 1 2 3 4 5
policy instruments are
Understand and explain the 1 2 3 4 5
various economic policies that a
government has
Understand and explain fiscal 1 2 3 4 5
policy
Understand and explain the 1 2 3 4 5
concept of demand management
Understand and explain the 1 2 3 4 5
concept of a trade off in fiscal
policy
Understand and explain what 1 2 3 4 5
monetary policy is
Understand and explain the impact 1 2 3 4 5
of interest rates on decisions of
consumers and firms
Understand and explain monetary 1 2 3 4 5
policy and its impact on
macroeconomic objectives
Understand and explain the 1 2 3 4 5
concept of a trade off in relation to
monetary policy
Understand and explain what 1 2 3 4 5
supply side policies are
Understand and explain the impact 1 2 3 4 5
of supply side policies
Understand and explain the effects 1 2 3 4 5
of expansionary fiscal policy
Understand and explain the effects 1 2 3 4 5
of contractionary fiscal policy
Understand and explain the effects 1 2 3 4 5
of tight monetary policy
Understand and explain the effects 1 2 3 4 5
of loose monetary policy
Understand and explain the 1 2 3 4 5
tradeoff between objectives


























 Section D: The Global Economy
LEARNING OBJECTIVE LEVEL OF CONFIDENCE
Understand and explain 1 2 3 4 5
globalisation
Understand and explain the 1 2 3 4 5
reasons for globalisation
Understand and explain what 1 2 3 4 5
multinationals are and why they
exist
Understand and explain what FDI 1 2 3 4 5
is
Understand and explain 1 2 3 4 5
development aid and types of
development aid
Understand and explain the 1 2 3 4 5
benefits to develop countries of
globailisaiton
Understand and explain the 1 2 3 4 5
benefits to developing nations of
globalisation
Understand and explain the 1 2 3 4 5
disadvantages of globalisation
Understand and explain the 1 2 3 4 5
concept of interdependence
Understand and explain the 1 2 3 4 5
concept of a development gap
Understand and explain what 1 2 3 4 5
international trade is and reasons
for it
Understand and explain the 1 2 3 4 5
advantages and disadvantages of
free trade
Understand and explain what 1 2 3 4 5
protectionism is
Understand and explain the 1 2 3 4 5
different methods of protection
Understand and explain the 1 2 3 4 5
reasons for protectionism
Understand and explain the 1 2 3 4 5
problems of protectionism
Understand and explain the 1 2 3 4 5
increase in world trade
Understand and explain what a 1 2 3 4 5
trading bloc is
Understand and explain the 1 2 3 4 5
advantages and disadvantages of
trading blocs
Understand and explain what the 1 2 3 4 5
world trade organization is
Understand and evaluate the 1 2 3 4 5
world trade organisation
Understand and explain the 1 2 3 4 5
characteristics of developing
countries
Understand and explain trade in 1 2 3 4 5
developing and developed
countries
Understand and explain what the 1 2 3 4 5
exchange rate is
Understand and explain how the 1 2 3 4 5
exchange rates are determined
Understand and explain the factors 1 2 3 4 5
affecting the demand for a
currency
Understand and explain the factors 1 2 3 4 5
affecting the supply of a currency
Understanding and explain why 1 2 3 4 5
exchange rates change
Understand and explain the impact 1 2 3 4 5
of falling and rising exchange rates