Specification points
Edexcel International GCSE (9–1) Economics (Modular) 4XEC1
132 points in 2 topics, with Edexcel's codes and titles.
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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.
1 Microeconomics and Business Economics
- 1.1 The market system
- 1.1.1 The economic problem
- 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
- 1.1.2 Economic assumptions
- 1.1.2.a Assumptions of benefit and profit maximisation
- 1.1.2.b Why consumers may not maximise their benefit
- 1.1.2.c Why producers may not maximise their profit
- 1.1.3 Demand, supply and market equilibrium
- 1.1.3.a Definition of demand
- 1.1.3.b Movements along and shifts of the demand curve
- 1.1.3.c Causes of shifts in the demand curve
- 1.1.3.d Definition of supply
- 1.1.3.e Movements along and shifts of the supply curve
- 1.1.3.f Causes of shifts in the supply curve
- 1.1.3.g Equilibrium price and quantity
- 1.1.3.h Diagrams of equilibrium, excess demand and excess supply
- 1.1.3.i Excess demand and excess supply
- 1.1.3.j The use of market forces to remove excess supply or excess demand
- 1.1.4 Elasticity
- 1.1.4.a Definition of PED
- 1.1.4.b Formula of PED
- 1.1.4.c Calculating price elasticity of demand
- 1.1.4.d The use of diagrams to show price elastic and price inelastic demand
- 1.1.4.e Interpreting values of price elasticity of demand
- 1.1.4.f Factors influencing price elasticity of demand
- 1.1.4.g Total revenue and price elasticity of demand
- 1.1.4.h Definition of PES
- 1.1.4.i Formula of PES
- 1.1.4.j Calculating price elasticity of supply
- 1.1.4.k The use of diagrams to show price elastic and price inelastic supply
- 1.1.4.l Interpreting values of price elasticity of supply
- 1.1.4.m Factors influencing price elasticity of supply
- 1.1.4.n Supply elasticity of manufactured and primary products
- 1.1.4.o Definition of income elasticity of demand
- 1.1.4.p Formula of income elasticity of demand
- 1.1.4.q Calculating income elasticity of demand
- 1.1.4.r Interpreting values of income elasticity of demand
- 1.1.4.s Significance of elasticities for businesses and government
- 1.1.5 The mixed economy
- 1.1.5.a Definition of mixed economy
- 1.1.5.b Definition of public and private sector
- 1.1.5.c Public and private sectors compared
- 1.1.5.d Solving the basic economic problem in a mixed economy
- 1.1.5.e Concept of market failure – linked to inefficient allocation of resources
- 1.1.5.f Market failure and government intervention
- 1.1.5.g Public goods and the free rider problem
- 1.1.5.h Roles of the public and private sectors in production
- 1.1.5.i The relative importance of public sector and private sector in different economies
- 1.1.5.j Definition of privatisation
- 1.1.5.k Effects of privatisation
- 1.1.6 Externalities
- 1.1.6.a Definition of external costs
- 1.1.6.b Examples of external costs, including pollution, congestion and environmental damage
- 1.1.6.c Definition of external benefits
- 1.1.6.d Examples of external benefits, including education, healthcare and vaccinations
- 1.1.6.e Social costs and social benefits
- 1.2 Business economics
- 1.2.1 Production
- 1.2.1.a The factors of production
- 1.2.1.b Sectors of the economy
- 1.2.1.c Changing importance of economic sectors over time
- 1.2.2 Productivity and division of labour
- 1.2.2.a Definition of productivity
- 1.2.2.b Factors affecting productivity
- 1.2.2.c Definition of division of labour
- 1.2.2.d Advantages and disadvantages of the division of labour to workers and businesses
- 1.2.3 Business costs, revenues and profit
- 1.2.3.a Formulae for revenue, costs and profit
- 1.2.3.b Economies of scale
- 1.2.3.c Diseconomies of scale
- 1.2.4 Business competition
- 1.2.4.a Advantages and disadvantages of competition
- 1.2.4.b Advantages and disadvantages of large firms and small firms
- 1.2.4.c Factors influencing the growth of firms
- 1.2.4.d Reasons firms stay small
- 1.2.4.e Definition of monopoly
- 1.2.4.f Main features of monopoly
- 1.2.4.g Advantages and disadvantages of monopoly
- 1.2.4.h Definition of oligopoly
- 1.2.4.i Main features of oligopoly
- 1.2.4.j Advantages and disadvantages of oligopoly
- 1.2.5 The labour market
- 1.2.5.a Factors affecting the demand for labour
- 1.2.5.b Factors affecting the supply of labour
- 1.2.5.c Importance of the quantity and quality of labour to business
- 1.2.5.d Impact of education and training on human capital and quality of labour
- 1.2.5.e Labour market diagrams
- 1.2.5.f Trade union involvement in the labour market
- 1.2.6 Government intervention
- 1.2.6.a Government policy to deal with externalities
- 1.2.6.b Advantages and disadvantages of each government policy
- 1.2.6.c Government regulation of competition
- 1.2.6.d Government intervention in the labour market
2 Macroeconomics and the Global Economy
- 2.1 Government and the economy
- 2.1.1 Macroeconomic objectives
- 2.1.1.a Economic growth
- 2.1.1.b Low and stable inflation
- 2.1.1.c Low unemployment
- 2.1.1.d Surplus or balance on the current account of the balance of payments
- 2.1.1.e Protection of the environment
- 2.1.1.f Redistribution of income
- 2.1.2 Government policies
- 2.1.2.a Fiscal policy – government revenue and government expenditure
- 2.1.2.b Monetary policy – focused on interest rate changes
- 2.1.2.c Supply-side policy
- 2.1.2.d Government controls
- 2.1.3 Relationships between objectives and policies
- 2.1.3.a The impact of policies and the trade-off between macroeconomic objectives
- 2.2 The global economy
- 2.2.1 Globalisation
- 2.2.1.a Definition of globalisation
- 2.2.1.b Reasons for globalisation
- 2.2.1.c Impacts of globalisation and global companies
- 2.2.1.d Definition of multinational corporations (MNCs)
- 2.2.2 International trade
- 2.2.2.a Advantages and disadvantages of free trade
- 2.2.2.b Reasons for protection
- 2.2.2.c Methods of protection
- 2.2.2.d Modern trading blocs
- 2.2.2.e Role of the World Trade Organization (WTO)
- 2.2.2.f Trade patterns of developed and developing countries
- 2.2.3 Exchange rates
- 2.2.3.a Definition of exchange rates
- 2.2.3.b Factors affecting supply and demand of currencies
- 2.2.3.c Definition of appreciation
- 2.2.3.d Definition of depreciation