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Cambridge IGCSE Economics

2.1The role of markets in allocating resources

The role of markets in allocating resources in Cambridge IGCSE Economics: what the syllabus expects you to know, the learning objectives and how to practise.
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Learning objectives

What the syllabus expects you to be able to do.

  1. 2.1.1Define a market, give examples and describe the roles of buyers and sellers.

Lessons

  • Markets and the price mechanism

    28 min

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Sample question

A sample question on this topic. Answer it, check it, then read the worked answer.

The role of markets in allocating resources: sample question

1 mark

During a drought the price of maize rises, and only those willing and able to pay the higher price buy maize. Which function of prices is this?

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