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CCEA GCSE Economics

GCSE · CCEAEconomics378 cards

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Flashcards for CCEA GCSE Economics (4410), covering basic economic ideas, producing and consuming, financial capability and managing the economy for Paper 1, and the global economy for Paper 2, in the specification's own order.

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What is inside (14 subdecks)

  • Paper 1329 cards
    • 3.1 Basic economic ideas56 cards
    • 3.2 Producing and consuming135 cards
      • Competition26 cards
      • Costs, revenue and business growth38 cards
      • Market failure21 cards
      • Markets, demand and supply50 cards
    • 3.3 Financial capability57 cards
    • 3.4 Managing the economy81 cards
      • Circular flow and government objectives28 cards
      • Government policy22 cards
      • Growth, unemployment and inflation31 cards
  • Paper 249 cards
    • 3.5 The global economy49 cards

Some of its cards

  • What is economic growth?
    An increase in the value of goods and services an economy produces over time
  • What is price competition?
    Firms competing by offering a lower price than their rivals
  • What is the balance of payments?
    A record of a country's financial transactions with the rest of the world
  • What is a market, in economics?
    Any arrangement that brings together buyers and sellers of a good or service
  • What is a positive externality?
    A benefit from production or consumption that is felt by someone other than the buyer or seller
  • What does the circular flow of income model show?
    How money flows between households, firms and the government in an economy
  • What is public provision, as a way governments regulate a market?
    The government directly providing a good or service instead of leaving it to the private sector
  • What is the medium of exchange function of money?
    Money is accepted by everyone as a way of paying for goods and services, without the need to barter
  • What is the basic economic problem?
    Unlimited wants but only limited resources to satisfy them
  • What are fixed costs?
    Costs that do not change with the level of output, such as rent

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