Pearson Edexcel · GCSE · 1EC0
Economics — Keywords & Key Terms — Definitions Glossary (2026)
Pearson Edexcel GCSE (9-1) Economics A (1EC0)
Topic-by-topic keywords, key terms and definitions for precise exam language—separate from our revision checklists (topic coverage) and formula sheets (equations).
Keywords & Key Terms — definitions
Examiner-style keywords and definitions organised by syllabus topic. Terms are tagged Essential (start here), Core (typical exam standard), and Advanced for harder distinctions — tick each row when you can recall it. Your progress is saved in this browser for this list.
Pearson Edexcel GCSE Economics (1EC0)
Pearson Edexcel GCSE Economics (1EC0)
Pearson Edexcel GCSE (9-1) Economics A (1EC0)
Aligned to Pearson Edexcel GCSE Economics A 1EC0 covering introduction to economics, how markets work, economic objectives and the role of government, and international trade.
Mark schemes: Pearson Edexcel economics mark schemes reward linked chains of reasoning that connect cause to effect using discriminator words such as 'therefore' and 'because'. Diagrams must be labelled accurately and evaluation should reference data or context provided.
Active recall: 0 / 20 terms ticked
| Recalled | Topic | Level | Keyword | Definition |
|---|---|---|---|---|
| 1. Introduction to economics | Essential | Opportunity cost | Value of the next best alternative given up when a choice is made. | |
| 1. Introduction to economics | Essential | Factors of production | Inputs used to produce goods and services: land, labour, capital, enterprise. | |
| 1. Introduction to economics | Core | Scarcity | Limited resources relative to unlimited wants, requiring choices to be made. | |
| 1. Introduction to economics | Core | Specialisation | Concentrating on producing one good or task to raise productivity. | |
| 1. Introduction to economics | Advanced | Division of labour | Splitting production into tasks performed by different workers to increase output. | |
| 2. How markets work | Essential | Demand | Quantity of a good consumers are willing and able to buy at a given price. | |
| 2. How markets work | Essential | Supply | Quantity of a good producers are willing and able to sell at a given price. | |
| 2. How markets work | Core | Market equilibrium | Price at which quantity demanded equals quantity supplied. | |
| 2. How markets work | Core | Price elasticity of demand (PED) | Responsiveness of demand to a price change: %ΔQd / %ΔP. | |
| 2. How markets work | Advanced | Profit | Total revenue minus total cost; profit = TR − TC. | |
| 3. Economic objectives & role of government | Essential | GDP | Gross domestic product; total value of goods and services produced in an economy in a period. | |
| 3. Economic objectives & role of government | Core | CPI inflation | Sustained rise in the general price level measured by the consumer price index. | |
| 3. Economic objectives & role of government | Core | Unemployment | People able and willing to work but who do not have a job. | |
| 3. Economic objectives & role of government | Core | Fiscal policy | Government use of taxation and spending to influence the economy. | |
| 3. Economic objectives & role of government | Advanced | Monetary policy | Central bank use of interest rates and money supply to influence the economy. | |
| 4. International trade | Essential | Imports | Goods and services bought from other countries. | |
| 4. International trade | Essential | Exports | Goods and services sold to other countries. | |
| 4. International trade | Core | Exchange rate | Price of one currency expressed in terms of another. | |
| 4. International trade | Core | Trade barrier | Restriction on imports such as a tariff, quota or embargo. | |
| 4. International trade | Advanced | Globalisation | Increasing integration of economies through trade, capital flows and technology. |
Pair this with our revision checklists, formula sheets hub and past paper finder.
Economics (1EC0) — Keywords & Key Terms FAQ
- What is on this Pearson Edexcel GCSE Economics keywords and key terms list?
- It is a topic-organised glossary of important economics terms with short, exam-style definitions aligned to Pearson Edexcel GCSE (9-1) Economics A (1EC0) (1EC0). It is designed for “define”, “state”, “outline” and “explain” questions where precise vocabulary earns marks.
- How should I use this Economics glossary alongside past papers?
- Tick terms when you can recall them without reading the answer, then check your wording against mark schemes. Pair vocabulary practice with past papers for GCSE Economics (1EC0) so you apply terms in context.
- Is this the same as a revision checklist or a formula sheet?
- No. Revision checklists help you track which syllabus topics you have covered and your confidence—separate pages on Tutopiya. Formula sheets summarise equations and quantitative relationships. This page is only a definitions and key-terms glossary for Economics.
- Can I download this Economics keywords and key terms list for free?
- Yes. After a quick free sign-up you can download a UTF-8 CSV (opens in Excel or Google Sheets) or open a print-friendly page and save as PDF. Browsing the list on the page is free.
- Is this Economics list aligned to the 1EC0 specification?
- Topic groupings and wording follow Pearson Edexcel GCSE (9-1) Economics A (1EC0) for Pearson Edexcel GCSE. Always confirm final learning objectives and any regional options in your official specification and recent examiner reports for your exam session.
- Why focus on definitions instead of full notes?
- Mark schemes reward correct technical terms and clear links between ideas. A compact glossary lets you drill the exact language examiners expect for Economics at GCSE, separate from longer notes or topic trackers.