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Introduction to Economics
Practice Questions

20 CIE IGCSE Economics questions on Introduction to Economics, each with instant feedback and a full examiner-style mark scheme.

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✨ Revision guide includes key terms, worked examples and exam technique for Introduction to Economics.

Try 2 sample questions on Introduction to Economics

Question 1 · 1 mark · Difficulty 1/3

Which of the following best defines the concept of scarcity in economics?

  1. The limited availability of resources relative to unlimited human wants
  2. A situation where only poor countries lack sufficient goods
  3. The complete absence of goods and services in an economy
  4. The shortage of money to buy essential food and clothing
Show answer & explanation
✓ Answer: A — The limited availability of resources relative to unlimited human wants
Scarcity exists because resources are finite while human wants are unlimited, forcing choices to be made. Option A is incorrect because scarcity does not mean resources are completely absent. Option C is wrong because scarcity affects all economies regardless of wealth. Option D confuses scarcity with poverty — scarcity is about resource availability relative to wants, not money alone.
Question 2 · 1 mark · Difficulty 1/3

Which combination correctly identifies the three basic economic questions that all economies must answer?

  1. What is the price? Who sets wages? How is trade organised?
  2. How much to save? What to import? Who controls the banks?
  3. Who owns resources? How much profit is made? Who pays taxes?
  4. What to produce? How to produce? For whom to produce?
Show answer & explanation
✓ Answer: D — What to produce? How to produce? For whom to produce?
Every economy must decide what goods and services to produce, how to produce them (which resources and methods to use), and for whom they are produced (distribution of output). The other options contain questions that may be relevant in economics but do not represent the fundamental three basic economic questions as defined in the IGCSE syllabus.
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20 questions · 25 min · free

CIE IGCSE Economics: Introduction to Economics FAQ

How many CIE IGCSE Economics questions on Introduction to Economics are there on Kramizo?
Kramizo currently has 20 exam-board-aligned practice questions on Introduction to Economics for CIE IGCSE Economics, with new questions added every week. Each question gives you instant feedback and a full examiner-style mark scheme that tells you exactly what would earn marks on a real CIE paper. The questions span the full difficulty range — from straightforward recall (level 1) right up to multi-step reasoning and evaluation (level 3) — so the bank works for first-pass revision and final exam-week stress testing alike.
Is Kramizo free for CIE IGCSE students preparing for Economics?
Yes — completely free. Every student gets 45 questions a day on the free plan, with no card required and no trial countdown. That free quota works across every subject and every topic in our bank, so you can mix Introduction to Economics practice with other Economics topics or even switch to a totally different CIE subject without paying anything. Kramizo's optional Pro plan removes the daily cap and adds detailed progress analytics, but the free tier is the real product — used by thousands of GCSE, IGCSE and CSEC students.
Are the Introduction to Economics questions aligned to the official CIE IGCSE Economics syllabus?
Every question is written against the published CIE IGCSE Economics specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real CIE paper. Explanations are written in the style of official examiner mark schemes — they tell you what is being awarded marks and why distractors are wrong, not just whether you got it right. The bank is continually refined to match the latest syllabus updates from CIE.
How is Introduction to Economics typically tested on CIE IGCSE Economics papers?
Introduction to Economics appears across multiple question types on real CIE IGCSE Economics papers — most commonly as multiple-choice questions in the objective section, structured short-answer questions in the main paper, and occasionally as part of an extended response. Kramizo's practice bank reflects that mix: 4-option MCQs, true/false statements, fill-in-the-blank key terms, multi-select questions, and ordering questions. Working through the bank gives you exposure to every question style examiners actually use.

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