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The Allocation of Resources- igcse eco Cheat Sheet (DRAFT) by

Economics Unit 2 cheat notes

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

Microe­con­omics

Microe­con­omics: The study of behaviour and decisions of households and firms,
and the perfor­mance of individual markets.
Different Economic Systems:
1. What to produce?
2. How to produce it?
3. Who is to receive the products produced?
1. Planned Economic System: Decisions made by the govern­ment.
Provides basic necess­ities like housing, health­care, education ec

Microe­con­omics

Microe­con­omics: The study of behaviour and decisions of households and firms, and the perfor­mance of individual markets.
The decision makers in microe­con­omics are referred to as Economic Agents. They are househ­olds, firms and government.
The Private Sector are firms owned by indivi­duals and shareh­olders.