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Economics Unit 1 Cheat Sheet (DRAFT) by

The IGCSE Economics Syllabus, Unit 1

This is a draft cheat sheet. It is a work in progress and is not finished yet.

The BASIC ECONOMIC PROBLEM

Human wants and needs are unlimited but resources are scarce.

Due to the basic economic problem, economic stakeh­olders must make very important decisions and choices. When they make these decisions and choices, OPPORT­UNITY COST arises.
 

Glossary

Economics: A social science that studies how economic stakeh­olders interact, behave, and use scarce resources.
Economic Stakeh­older: Anyone who impacts or is impacted by economical decisi­ons­/ac­tiv­ities.
Opport­unity Cost: The value or benefit of the next best altern­ative FOREGONE.
*In econs, avoid using the term "­peo­ple­" and instead specify which economic stakeh­older you are referring to
  

Economic Stakeh­olders

1. Consumer / Individual
2. Producer / Firm
3. Labour / Worker
4. Government
5. Enviro­nment
6. Community