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Learning objective

Explain what a market economic system is.

Read the explanation, check the common trap, then practise with flashcards and questions.

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Exam focus

  • Read the explanation.
  • Check key terms.
  • Practise with linked questions.
Cambridge IGCSE EconomicsThe allocation of resources

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Quick explanation

Explain what a market economic system is

  • This point belongs to Market economic system, especially Market economic system outcomes.
  • You need to be able to explain what a market economic system is.
  • The key ideas to know are Define and Describe.
  • Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.

Key concepts

DefineDescribe

Why it matters

This objective helps connect Market economic system outcomes to exam-style questions, flashcards, and revision notes for Market economic system.

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Paper 2 structured question: Market economic system

Paper 2Structured Questions1 marks

Description

Market Economic System

A market economic system is characterized by the decisions of individuals and businesses regarding the production and consumption of goods and services, driven by supply and demand.

  1. a

    State What is a market economic system?

    Aim for approximately 1 distinct marking point.

    [1]
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Cambridge IGCSEEconomics resources