logo

Learning objective

Understand how a market system operates, including the roles of buyers and sellers, the distribution of limited resources, and concepts of market equilibrium and disequilibrium.

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

Practise this topicRead the exam answerTopic hub

Exam focus

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

Study support

Understand this objective

Quick explanation

Understand how a market system operates, including the roles of buyers and sellers, the distribution of limited resources, and concepts of market equilibrium and disequilibrium

  • This point belongs to The role of markets in allocating resources, especially The role of markets in allocating resources outcomes.
  • You need to be able to understand how a market system operates, including the roles of buyers and sellers, the distribution of limited resources, and concepts of market equilibrium and disequilibrium.
  • The key ideas to know are Describe, Explain, and Identify.
  • Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.

Key concepts

DescribeExplainIdentify

Why it matters

This objective helps connect The role of markets in allocating resources outcomes to exam-style questions, flashcards, and revision notes for The role of markets in allocating resources.

Revision tools

Choose how to practise

Back to topic hub
Flashcards10 linked cards

Flashcard 1 of 10

Press Space to flip, arrows to move
Practice Questions7 linked questions

Question 1 of 7

Choose an answer, get feedback, then move sideways through the set.

0 of 5 attempted

Paper 2 structured question: The role of markets in allocating resources

Paper 2Structured Questions1 marks

Description

Market for Oranges

As consumers become more health-conscious, the demand for oranges has risen sharply. However, the supply has not increased at the same rate due to seasonal factors.

  1. a

    State the effect of increased demand on the price of oranges.

    Aim for approximately 1 distinct marking point.

    [1]
Revision notestopic notes

Open the full topic revision notes when you are ready to review this objective in context.

Open revision notes

Related learning objectives

Revision hubs

Move back to a broader study route

Cambridge IGCSEEconomics resources