Edexcel International GCSE (9–1) Economics 4EC1 · 1.1.1

The economic problem

Code: 1.1.1
In: 1.1 The market system
Topic: 1 Microeconomics and Business Economics
Course: International GCSE (9–1) Economics 4EC1
Board: Edexcel

Codes and titles are read by a script from Edexcel's published specification and have not been checked by a person. What each point covers is in the specification itself: Edexcel’s specification.

Points under 1.1.1

1.1.1.a The problem of scarcity
1.1.1.b Opportunity cost and its effect on economic agents (consumers, producers and government)
1.1.1.c The use of diagrams to show production possibility curve
1.1.1.d Production possibility curve diagrams
1.1.1.e Possible causes of positive or negative economic growth

Points in 1.1 The market system

1.1.1 The economic problem
1.1.2 Economic assumptions
1.1.3 Demand, supply and market equilibrium
1.1.4 Elasticity
1.1.5 The mixed economy
1.1.6 Externalities