Economics 0455 (Cambridge O Level / IGCSE)
Original practice questions with long-form, step-by-step worked solutions, organised by the 0455 syllabus strands. Everything here is free to read.
- Subject code
- 0455
- Topics
- 15
- Worked questions
- 150
Ask the AI tutor Guided, step-by-step help - 5 free questions a day.
Official Cambridge references: 0455 syllabus ↗ · past papers ↗
The basic economic problem
Scarcity and Opportunity Cost
Define the basic economic problem of finite resources and infinite wants; apply the concept of opportunity cost to decisions made by consumers, workers…
Factors of Production and the PPC Diagram
Identify the factors of production and their rewards; draw and interpret a production possibility curve, including points under, on and beyond it and the…
The allocation of resources
Demand, Supply and How Markets Work
Explain how markets allocate resources through buyers and sellers; draw and interpret individual and market demand and supply curves; distinguish movements…
Price Elasticity of Demand and Supply
Calculate and interpret price elasticity of demand and supply; identify the main determinants of elastic and inelastic responses; link PED to the effect of a…
Market Equilibrium and Price Changes
Find equilibrium price and quantity from demand and supply schedules or diagrams; identify shortages and surpluses in disequilibrium; explain how shifts in…
Economic Systems and Market Failure
Compare market, mixed and planned resource allocation; explain the causes and consequences of market failure (public, merit and demerit goods, external costs…
Microeconomic decision-makers
Firms: Types, Production and Costs
Classify firms by sector and size and compare mergers; distinguish labour-intensive from capital-intensive production and production from productivity; define…
Workers, Wages and the Labour Market
Explain the wage and non-wage factors affecting occupational choice; analyse wage determination through demand for and supply of labour, trade unions and…
Money, Banking and Households
Describe the forms and functions of money and the roles of central and commercial banks; explain how income, interest rates, confidence, age and culture…
Market Structures: Competition and Monopoly
Compare the characteristics of competitive markets with monopoly markets and evaluate the effect of the number of firms in a market on price, quality, choice…
Government and the macroeconomy
Economic Growth, Unemployment and Inflation
Define and measure economic growth, unemployment and inflation; distinguish frictional, structural, cyclical and seasonal unemployment and demand-pull from…
Government Aims and Fiscal Policy
State the macroeconomic aims of government and the conflicts between them; define the government budget, budget deficit and surplus; explain how taxation and…
Monetary and Supply-Side Policy
Define monetary policy and supply-side policy; explain how changes in interest rates, the money supply and the exchange rate, and supply-side measures such as…