Exam Board and Specification Code: Edexcel (4EC1)
The Course
Economics is an engaging and relevant GCSE subject that examines how societies allocate limited
resources- such as land, labour, and capital- to meet their needs and wants. It explores the outcomes and
implications of these economic decisions, asking critical questions about efficiency, equity, and sustainability.
Throughout the course, students will investigate real-world economic issues at both local and global scales. For instance, how should governments balance spending on healthcare, education, defence, and infrastructure? What are the economic impacts of taxation policies? How do global events, such as Brexit, pandemics like COVID-19, or trade disputes, affect living standards and economic stability in the UK and abroad?
The Edexcel IGCSE Economics course is structured into four core areas:
1. The Market System: Understanding how markets operate, including demand and supply analysis, market equilibrium, price determination, and market failure.
2. Business Economics: Investigating different types of businesses, their objectives, cost structures, and factors influencing production, revenue, and profitability.
3. Government and the Economy: Exploring the role of government intervention in the economy, including
fiscal and monetary policy, taxation, public expenditure, and managing economic objectives such as growth, employment, inflation, and income distribution.
4. The Global Economy: Examining international trade, globalisation, exchange rates, economic development, and the implications of economic integration and trade disputes.
What skills do I need?
Students who thrive in GCSE Economics typically demonstrate a keen interest in current affairs and world events. The subject suits those who enjoy logical thinking, debating economic issues, and evaluating differing perspectives. Students should feel comfortable interpreting data presented in graphs, charts, and tables.
Although numeracy is important for understanding economic data, advanced mathematical skills are not
required beyond basic calculations and graph interpretation.
How is the Course Assessed?
The Edexcel IGCSE in Economics has two exam papers both taken in May/ June:
Paper 1: Microeconomics and Business Economics (2 hours)
Paper 2: Macroeconomics and the Global Economy. (2 hours)
Both papers have a mix of short, mid length and multiple-choice questions. There is no coursework but reading the Edexcel syllabus is recommended for deeper understanding.
Reading
Pearson Edexcel International GCSE (9-1) Economics Student book. Author: Rob Jones Pearson: ISBN: 9780435188641
