Pearson Edexcel · IGCSE · 4EC1
Economics — Keywords & Key Terms — Definitions Glossary (2026)
Pearson Edexcel International GCSE Economics (4EC1)
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 IGCSE Economics (4EC1)
Pearson Edexcel IGCSE Economics (4EC1)
Pearson Edexcel International GCSE Economics (4EC1)
Aligned to Pearson Edexcel International GCSE Economics (4EC1) for 2026: market economy, business economics, government & macroeconomy, international trade.
Mark schemes: Longer answers often use level marking — develop chains of reasoning and reach a supported conclusion. Diagrams should be fully labelled (axes, curves, equilibrium).
Active recall: 0 / 19 terms ticked
| Recalled | Topic | Level | Keyword | Definition |
|---|---|---|---|---|
| The economic problem & markets | Essential | Resources | Factors of production: land, labour, capital, enterprise. | |
| The economic problem & markets | Core | Scarcity | Unlimited wants vs finite resources. | |
| The economic problem & markets | Core | Opportunity cost | Next best alternative foregone. | |
| The economic problem & markets | Core | Demand and supply | Schedules and curves; equilibrium price and quantity. | |
| The economic problem & markets | Core | Shifts in demand/supply | Non-price factors move curves. | |
| The economic problem & markets | Advanced | Price elasticity | PED, PES, YED — responsiveness measures. | |
| The economic problem & markets | Core | Market clearing | Quantity demanded equals quantity supplied. | |
| Business & government economics | Core | Costs of production | Fixed, variable, total; average and marginal ideas. | |
| Business & government economics | Core | Revenue and profit | TR, MR; profit maximisation overview. | |
| Business & government economics | Core | Economies of scale | Unit cost falls as output rises. | |
| Business & government economics | Core | Market structures | Competitive vs concentrated — simplified overview. | |
| Business & government economics | Core | Government intervention | Taxes, subsidies, regulation, public goods. | |
| Business & government economics | Advanced | Macroeconomic objectives | Growth, inflation, unemployment, balance of payments — trade-offs. | |
| Global economy | Essential | Globalisation | Increased global interconnectedness of trade and finance. | |
| Global economy | Core | Exchange rate | Price of one currency in terms of another. | |
| Global economy | Core | Trade barriers | Tariffs, quotas, embargoes. | |
| Global economy | Core | Comparative advantage | Specialise where opportunity cost is lowest. | |
| Global economy | Advanced | Economic development | Indicators beyond GDP — HDI, health, education. | |
| Global economy | Core | Multinational companies | Firms operating in several countries. |
Pair this with our revision checklists, formula sheets hub and past paper finder.
Economics (4EC1) — Keywords & Key Terms FAQ
- What is on this Pearson Edexcel IGCSE 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 International GCSE Economics (4EC1) (4EC1). 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 IGCSE Economics (4EC1) 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 4EC1 specification?
- Topic groupings and wording follow Pearson Edexcel International GCSE Economics (4EC1) for Pearson Edexcel IGCSE. 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 IGCSE, separate from longer notes or topic trackers.