|Examination Board||Cambridge International Examinations|
Economics is the study of how society (individuals, firms and governments) allocate scarce resources to fulfill unlimited needs and wants. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups and organisations. Economics attempts to explain economic behavior, which arises when scarce resources are exchanged. Economics is divided into two parts, namely microeconomics and macroeconomics. Microeconomics looks at the analysis of certain individual aspects of the economy rather than aspects that affect the economy as a whole. On the other hand macroeconomics looks at things that affect the entire economy, including exchange rates, inflation, imports and exports, unemployment rates and others.
The IGCSE Economics syllabus covers the following 8 topics: Basic economic problem, Allocation of resources, The individual as a producer, The private firm as a producer and employer, Role of government in economy, Economic indicators, Developed and developing economies and International aspects. These topics are normally covered in the order they are listed for easier progression with the course content.
The aims of the syllabus are to:
- Develop candidates’ knowledge and understanding of economic terminology, principles and theories
- Develop candidates’ basic economic numeracy and literacy and their ability to handle simple data including graphs and diagrams
- Develop candidates’ ability to use the tools of economic analysis in particular situations
- Show candidates how to identify and discriminate between differing sources of information and how to distinguish between facts and value judgements in economic issues
- Develop candidates’ ability to use economic skills (with reference to individual, groups and organisations) to understand better the world in which they live
- Develop candidates’ understanding of the economies of developed and developing nations and of the relationship between them, and to develop their appreciation of these relationships from the perspective of both developed and developing nations.
IGCSE Economics is a 2 year course which starts in Year 10 and culminates in examinations in Year 11. The syllabus is examined in the June and November examination series.
The assessment has two components:
Paper 1: Multiple Choice
Paper 2: Structured questions
Candidates must take both papers.
Candidates receive grades A* to G.
Careers and Progression
Upon obtaining a pass in IGCSE Economics candidates can proceed to study the subject at AS and subsequently AL. Candidates thinking of pursuing degree programs and careers in Business management, Accountancy and Auditing, Insurance and Risk management, Economics, Commercial Law, Project management, Operations research and others will find the study of Economics important.