O Level Economics 2281 Complete Notes for 2022-2024 Exams by Zeeshan Sheikh

About the Author
Mr. Zeeshan Sheikh has done his Masters in Economics (P.U) and MS in Business Administration from University of Central Punjab, Lahore. He has also done Masters in Business Administration from The Business School, Lahore University.
Mr. Zeeshan has been teaching Economics for last nine years in different schools, colleges and universities. He has been dealing with a variety of courses in Economics at O/A Level, IGCSE, for Cambridge and AP High School. He has worked with multinational and big local schools networks with various intensive face to face and teaching methodology trainings from different institutions both local and foreign. His experience as a teacher and as an examiner is the ideal combination to develop an exam focused economics book that covers all the requirements of Cambridge Examinations 2021 and onwards. I wish him good luck and pray for his success as an
author.

1 The basic economic problem
The first section of the syllabus introduces the fundamental ideas and concepts that underpin the study of economics including the basic economic problem, factors of production, opportunity cost and production possibility curves.

2 The allocation of resources
The fundamental principles of resource allocation are considered through the price mechanism in a market economy. The market forces of demand and supply, market equilibrium and disequilibrium, and elasticity form the core of this section.

3 Microeconomic decision makers
The microeconomy is an important area of study, and the approach to learning taken here is through the role of the major decision makers: banks, households, workers, trade unions and firms. 4 Government and the macroeconomy Governments have different macroeconomic aims, and conflicts often arise between the choice of measures used to achieve them. Variables must be measured to consider the causes and consequences of change, and appropriate policies applied.

5 Economic development
As an economy develops there will be changes in population, living standards, poverty and income redistribution. Therefore, the effects of changes in the size and structure of population and of other influences on development in a variety of countries are explored.

6 International trade and globalisation
The importance of trade between countries and the growth of globalisation is explored. Principles such as specialisation, the role of free trade, the role of multinational companies, foreign exchange rates and balance of payments stability are considered.