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Learner Guide Cambridge IGCSE™ Economics 0455 Interactive Version 1 For examina

Learner Guide Cambridge IGCSE™ Economics 0455 Interactive Version 1 For examination from 2020–2022 Cambridge O Level Economics 2281 Learner Guide 2 Cambridge IGCSE and O Level Economics 0455 / 2281 In order to help us develop the highest quality resources, we are undertaking a continuous programme of review; not only to measure the success of our resources but also to highlight areas for improvement and to identify new development needs. We invite you to complete our survey by visiting the website below. Your Advice on the quality and relevance of our resources are very important to us. www.surveymonkey.co.uk/r/GL6ZNJB Copyright © UCLES 2018 Cambridge Assessment International Education is part of the Cambridge Assessment Group. Cambridge Assessment is the brand name of the University of Cambridge Local Examinations Syndicate (UCLES), which itself is a department of the University of Cambridge. UCLES retains the copyright on all its publications. Registered Centres are permitted to copy material from this booklet for their own internal use. However, we cannot give permission to Centres to photocopy any material that is acknowledged to a third party, even for internal use within a Centre. Learner Guide 3 Cambridge IGCSE and O Level Economics 0455 / 2281 Contents About this guide 4 Section 1: Syllabus content – what you need to know about 5 Section 2: How you will be assessed 6 Section 3: What skills will be assessed 10 Section 4: Command words 12 Section 5: Example candidate response 14 Section 6: Revision 20 Section 7: Useful websites 36 Learner Guide 4 Cambridge IGCSE and O Level Economics 0455 / 2281 This guide explains what you need to know about your Cambridge Economics course and examinations. It will help you to: 9 9 understand what skills you should develop by taking this IGCSE course 9 9 understand how you will be assessed 9 9 understand what we are looking for in the answers you write 9 9 plan your revision programme 9 9 revise, by providing revision tips and an interactive revision checklist (Section 6). Section 1: Syllabus content Find out what topics you will be learning about. Your teacher can give you more detail. Section 2: How you will be assessed Find out • how many examinations you will take • how long each examination lasts • what different question types the examination will contain • how to tackle each examination. Section 3: What skills will be assessed Find out what areas of knowledge, understanding and skills you will need to demonstrate throughout the course and in your examinations. Section 4: Command words Take a look at the command words you can find in the examination questions, and what they mean. Section 5: Example candidate responses Take a look at a learner’s response taken from a real examination. Find out: • how to interpret the question • how to avoid common mistakes • how to improve your exam technique. Section 6: Revision Discover: • some ‘top revision tips’ • revision checklist for each topic. Section 7: Useful websites A few websites that may be useful for you in your course. About this guide Learner Guide 5 Cambridge IGCSE and O Level Economics 0455 / 2281 This section gives you an outline of the syllabus content for this course. The six sections differ in the extent of their coverage, Sections 2 and 4 include the most topics. Ask your teacher for more detail about each topic. You can also find more detail in the Revision checklists of this guide. Topic Overview 1 The basic problem This section introduces you to some of the key ideas in economics and helps you to start to think as an economist. It covers the important questions all countries have to answer, the reasons why we have to make choices and the resources used to produce goods and services. 2 The allocation of resources This section examines why some products are expensive while others are cheap and why the output of some products are increasing while others are declining. You will consider why a change in price has more impact on some products than others and why the government seeks to influence what products we buy. 3 Microeconomic decision makers This section focuses on some of the key economic agents who decide what goods and services are produced and the amount people spend, save and borrow. The section examines the role of bank, households, workers, trade unions and firms. 4 Government and the macroeconomy In this section attention switches to the economy as a whole. It covers the key indicators of the performance of an economy which are economic growth, inflation, unemployment and the country’s international trade position. It examines the government’s aims in relation to these indicators and to the redistribution of income. It also explores the different types of policy measures a government can use to achieve these aims. 5 Economic development This section explores some of the influences on how the quality of people’s lives can be different in different countries and over tie. It includes the causes and consequences of changes in living standards, income distribution, poverty, population size and structure. 6 International trade and globalisation In this last section, the focus is on the global economy. The benefits of countries trading between each other is examined as well as why, despite these benefits, governments impose restrictions on this trade. How foreign exchange rates are determined and the causes and consequences of exchange rate changes are explored. The last topic covered is the current account of the balance of payments. This is a record of what a country sells and buys to other countries and the income it earns form and pays abroad. Make sure you always check the latest syllabus, which is available at www.cambridgeinternational.org Section 1: Syllabus content - what you need to know about Learner Guide 6 Cambridge IGCSE and O Level Economics 0455 / 2281 Section 2: How you will be assessed You will be assessed at the end of the course using two papers: • Paper 1 Multiple Choice • Paper 2 Structured Questions Components at a glance This table summarises the key information about each examination paper. Component Time and marks Skills assessed Details Percentage of qualification Paper 1 Multiple Choice 45 minutes 30 marks Knowledge and understanding Analysis 30 questions One answer has to be selected from four options: A, B, C and D. 30% Paper 2 Structured Questions 2 hours and 15 minutes 90 marks Knowledge and understanding Analysis Evaluation One compulsory question based on stimulus material and three four-part questions form a choice of four have to be answered. 70% Learner Guide 7 Cambridge IGCSE and O Level Economics 0455 / 2281 About each paper Paper 1 Paper 1 covers the whole syllabus. Each of the 30 multiple-choice questions is worth one mark. Some of the questions include diagrams, for example, questions 1, 5, 13, 24 and 29 on the specimen paper, and other question include tables of data, for example, questions 14, 18 and 22 .You may also be required to carry out calculations such as in question 29. There is an average of one and a half minutes available for each question. You will be able to answer the more straightforward questions in less time, for example, question15 and 26, while the more challenging ones, such as question 22 and 30, will take slightly longer. Check all the options carefully. If you are finding a question difficult, leave it and come back to it. It is important that you answer all the questions. There are no marks deducted for incorrect answers, so if you do not know the answer, guess. Some questions include diagrams. Some questions include data. Learner Guide 8 Cambridge IGCSE and O Level Economics 0455 / 2281 Paper 2 Paper 2 covers the whole syllabus. You have to answer the first question. This is worth 30 marks and is based on source material. It is useful to read the approximately six to eight question parts first and then read the source material so that you know what you are looking for from the source material. It is best to answer the question parts in order, as they tend to increase in terms of learning objectives. You may be asked to carry out a calculation. If this is the case, it is advisable to show your workings. This is because if more than one mark is awarded for the correct answer, you may be able to gain a mark for the right working even if you make a miscalculation. Pay careful attention to the command words and the marks awarded. For example, if a question part asks you to identify two economic good from the stimulus material, and awards two marks, just state them. Do not waste time explaining them, you will not gain any more marks. The last two question parts, worth 6 marks each, will require you to ‘discuss’. You will need to answer these two questions in some depth, considering both sides of uploads/Management/ learner-guide-cambridge-igcse-economics-0455.pdf