When you’re preparing for Cambridge IGCSE Economics, remember that the qualification is globally recognised as solid preparation for further study—which means your revision strategy needs to be just as rigorous. Strong notes, clear mindmaps, and consistent past-paper practice make the difference between a pass and a top score.

“IGCSE Economics requires you to pass an exam to demonstrate your proficiency.”

Tips Before the IGCSE Economics Exam

Before sitting the IGCSE Economics exam, review the assessment objectives:

• Knowledge with understanding
• Analysis
• Judgement and decision-making
• Critical evaluation

Next, revisit the syllabus content. Make sure you can:

• Define basic economic problems and allocation of resources
• Describe the roles of producers, consumers, and borrowers
• Explain the role of government in an economy
• Interpret key economic indicators
• Discuss why nations are classified as developing economies

In order to keep definitions fresh, use mindmaps and flashcards. We’ve prepared downloadable resources to help you revise faster.

Download the Full Notes Pack

Ace your IGCSE Economics exams. Access detailed mindmaps and revision notes today: Download Tutopiya Economics Notes (PDF)

IGCSE Economics Notes Overview

Demand and Supply

Market prices depend on demand and supply. Both fluctuate constantly and directly affect business performance.

• Market: any place buyers and sellers meet to trade products
• Demand: quantity customers are prepared to buy at different prices
• Supply: quantity firms are prepared to sell at different prices

There are many market types (goods, commodities, labour). Successful advertising boosts demand and usually increases price; new entrants boost supply and can lower price.

Business Cycle

The business cycle tracks expansion and contraction over time, usually via real GDP. Four stages:

1. Growth – rising GDP, falling unemployment, higher profits
2. Boom – excess spending, rising inflation, costly factors of production
3. Recession – falling GDP, lower demand
4. Slump – high unemployment, business closures

Economic Growth

Economic growth is the increase in goods and services produced per head over time. Sustained growth raises living standards but may create environmental or distributional challenges.

Market Failure

Market failure occurs when resources are misallocated, leading to overproduction, underproduction, or missing markets. Examples include negative externalities and public goods.

Aggregate Demand and Aggregate Supply

• Aggregate demand: total spending on goods and services at a given price level
• Aggregate supply: total output firms will produce at a given price level

AD and AS together determine national income, price levels, and long-run growth potential.

Price Elasticity of Demand (PED)

Price Elasticity of Demand measures how responsive demand is to price changes.

• Elastic demand (|PED| > 1): consumers respond strongly to price changes
• Inelastic demand (|PED| < 1): consumers are less responsive

Inflation

Inflation impacts housing, food, healthcare, transport, and more. Understand the causes (demand-pull, cost-push) and consequences (loss of purchasing power, menu costs, uncertainty).

Quick-Access Resources

• Mindmaps & notes PDF
• Tutopiya Economics download page

About the author

Nuha Gouse is the co-founder of Tutopiya and a first-class honours Math graduate from Imperial College London. She is passionate about delivering personalised, high-quality online tutoring that helps students learn at their own pace and build exam confidence.