Cambridge Notes
O Level
Subject 2281
Topic 1.1.3

Subject 2281 1.1.3 Notes — O Level

Cambridge O Level Subject 2281 (2281) revision notes — topic 1.1.3. Syllabus-aligned key concepts for CAIE exam preparation.

1. The basic economic problem

1.1 The nature of the economic problem
1.2 The factors of production
1.3 Opportunity cost
1.4 Production possibility curve PPC diagrams

2. The allocation of resources

2.1 Microeconomics and macroeconomics
2.2 The role of markets in allocating resources
2.3 Demand
2.4 Supply
2.5 Price determination
2.6 Price changes
2.7 Price elasticity of demand PED
2.8 Price elasticity of supply PES
2.9 Market economic system
2.10 Market failure
2.11 Mixed economic system

3. Microeconomic decision makers

3.1 Money and banking
3.2 Households
3.3 Workers
3.4 Trade unions
3.5 Firms
3.6 Firms and production
3.7 Firms’ costs revenue and objectives
3.8 Market structure

4. Government and the macroeconomy

4.1 The role of government
4.2 The macroeconomic aims of government
4.3 .1 definition of the government budget
4.4 Monetary policy
4.5 Supply-side policy
4.6 Economic growth
4.7 Employment and unemployment
4.8 Inflation and deflation

5. Economic development

5.1 Living standards
5.2 Poverty
5.3 Population
5.4 Differences in economic development between countries

6. International trade and globalisation

6.1 International specialisation
6.2 Globalisation free trade and protection
6.3 Foreign exchange rates
6.4 Current account of balance of payments

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