Edexcel IGCSE Economics specification (4EC1)
Understanding the exam specification is key to doing well in your Edexcel IGCSE Economics exam. It lays out exactly what you need to learn, how you'll be assessed, and what skills the examiners seek. Whether you're working through the course for the first time or revising for your final exams, the specification helps you stay focused and confident in your preparation.
We've included helpful revision tools to support you in putting the specification into practice. Wherever you're starting from, you'll find everything you need to feel prepared, from the official specification to high-quality resources designed to help you succeed.
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In the next section, you'll find a simplified summary of the official Edexcel IGCSE Economics specification, along with a breakdown of key topics, assessment structure, and useful study resources. We've also included links to topic-level guides and revision tools to help you put the specification into practice.
Contents
Disclaimer
This page includes a summary of the official Edexcel IGCSE Economics (4EC1) specification, provided to support your revision. While we've made every effort to ensure accuracy, Save My Exams is not affiliated with the awarding body.
For the most complete and up-to-date information, we strongly recommend consulting the official Edexcel specification PDF.
Specification overview
The Edexcel International GCSE in Economics (Modular) develops learners’ understanding of both microeconomic and macroeconomic theory through real-world application. It enables students to analyse markets, businesses, governments and global trade, and to evaluate economic decisions using data, diagrams and case studies. The course promotes analytical thinking, problem-solving and critical judgement, with a strong emphasis on practical skills and accessible assessment. Its modular structure supports progression and flexibility, building foundational knowledge for further study in economics, business or social sciences.
Subject content breakdown
Unit 1: Microeconomics and Business Economics The market system
- Scarcity, opportunity cost, and production possibility curves.
- Consumer and producer assumptions and behavioural influences.
- Demand and supply: definitions, curve shifts, market equilibrium, excess demand/supply.
- Elasticities: PED, PES, income elasticity; calculations, interpretation, and impact on revenue/policy.
- Mixed economy and market failure: public/private sectors, public goods, externalities.
Business economics
- Factors of production and economic sectors.
- Productivity and division of labour: definitions, impacts.
- Costs, revenue, profit; economies/diseconomies of scale and LRAC diagrams.
- Market structures: competition, monopoly, oligopoly; features, advantages/disadvantages.
- Labour market: demand/supply, wage determination, human capital, trade unions.
- Government intervention: policies on externalities, competition, labour markets (e.g. minimum wage).
Unit 2: Macroeconomics and the Global Economy Government and the economy
- Macroeconomic objectives: growth, inflation, unemployment, balance of payments, income distribution, environment.
- Policies: fiscal, monetary, supply-side; diagrams, tools and trade-offs.
- Relationships between policies and objectives (e.g. inflation vs unemployment).
The global economy
- Globalisation: causes, MNCs/FDI, impacts on stakeholders and environment.
- International trade: benefits/drawbacks, protectionism, WTO, trading blocs, trade patterns.
- Exchange rates: appreciation/depreciation effects, determinants, diagrams.
Assessment structure
Unit 1: Microeconomics and Business Economics
- Code: 4WEC1/01
- Duration: 1 hour 30 minutes; Marks: 80; Weighting: 50%
- Four compulsory questions (20 marks each): MCQs, data response, short and extended open-response.
- Content: market system and business economics.
- Available as paper-based or onscreen assessment.
Unit 2: Macroeconomics and the Global Economy
- Code: 4WEC2/01
- Duration: 1 hour 30 minutes; Marks: 80; Weighting: 50%
- Four compulsory questions (20 marks each): includes extended writing and data interpretation.
- Content: macroeconomic objectives, policies, global economy and trade.
- Available as paper-based or onscreen assessment.
Assessment Objectives
- AO1: Knowledge and communication – 14–15%
- AO2: Application of concepts and calculations – 48–49%
- AO3: Analysis and interpretation – 23–24%
- AO4: Evaluation and judgement – 12–13%
Quantitative skills
- Percentages, averages, costs, wages, revenues.
- Graph construction (e.g. supply/demand).
- Interpretation of economic data in applied contexts.
Grading and Certification
- 9–1 grading scale.
- Modular format; resits allowed for each unit.
- First certification: August 2025.
- UMS used for standardisation across exam series:contentReference[oaicite:0]{index=0}.
Key tips for success
Doing well in your Edexcel IGCSE Economics isn't just about how much you study, but how you study. Here are a few proven tips to help you stay on track
- Start with a clear plan: Break the subject into topics and create a revision schedule that allows enough time for each. Start early to avoid last-minute stress.
- Focus on understanding, not memorising: Use our revision notes to build a strong foundation in each topic, making sure you actually understand the material.
- Practise regularly: Attempt past papers to familiarise yourself with the exam format and timing. Mark your answers to see how close you are to full marks.
- Be strategic with your revision: Use exam questions by topic to focus on weaker areas, and flashcards to reinforce important facts and terminology.
- Learn from mistakes: Whether it's from mock exams or practice questions, spend time reviewing what went wrong and why. This helps prevent repeat mistakes in the real exam.
- Stay balanced: Don't forget to take regular breaks, eat well, and get enough sleep, a healthy routine makes revision much more effective.
With the right approach and consistent practice, you'll build confidence and improve your chances of exam success.
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