IGCSE Econ 22/23 (Units 4,5,6)

Economics is essentially about dealing with scarcity and the problem of resource allocation affecting individuals, firms and markets, countries, governments and societies. Although it involves the formulation of theory, it’s not a purely theoretical subject basically because economic theories can be applied to real-world. It does not exist in a vacuum, because it naturally must consider how economic theory is to be applied in an international context.