How is "mastered" calculated for a flashcard?

Each card uses an SM-2 style spaced-repetition algorithm. A card is "mastered" after at least 3 successful reviews and a review interval of 21 days or more. Rate cards Hard / Okay / Easy after flipping; the algorithm schedules the next review.

Cambridge IGCSE Economics (0455) Flashcards

359 free flashcards covering every syllabus topic of Cambridge IGCSE Economics (0455) — 154 key definitions, and 132 core concepts across 39 topics. Each card uses a built-in spaced-repetition algorithm to schedule your reviews automatically.

Syllabus-aligned Free, no signup Spaced repetition built-in

Why flashcards work for IGCSE Economics

Cambridge IGCSE Economics 0455 is built around roughly 200 syllabus definitions — supply, demand, opportunity cost, GDP, inflation, elasticity — plus a handful of frameworks (PPC, AD/AS, market structures).

Economics examiners reward textbook-precise definitions. "Inflation is the sustained rise in the general price level" gets the mark; "when prices go up" usually does not. Flashcards force you to rehearse the precise wording until it is reflexive.

Top mark-loser this 0455 deck targets: confusing positive and negative economics, or using "demand" loosely when the syllabus needs "quantity demanded".

How spaced repetition keeps this deck out of your blind spots

Every card uses an SM-2 spaced-repetition schedule (the same algorithm Anki uses). After flipping a card you rate your recall — and the algorithm reschedules each card individually, so your study time concentrates on what you actually struggle with rather than what you already know. After about three successful Easy reviews and a 21-day-or-longer interval, a card is tagged mastered. Progress lives in your browser only — no account, no signup, no data sent anywhere.

Hard · resets the streak, returns tomorrow

Okay · returns in 1-3 days

Easy · pushed to next interval

154

Definitions

132

Key Concepts

Topics

Unit 1: The basic economic problem

Scarcity, the four factors of production (land, labour, capital, enterprise), opportunity cost, the production possibility curve (PPC), and types of economic system (market, planned, mixed). PPC shifts are a perennial 4-mark question — outward shift = economic growth, inward = recession, a point inside the curve = unused resources. Opportunity-cost numerical questions test the rate of substitution along the curve.

1.1 9 cards

Production possibility curve

Unit 2: The allocation of resources

Demand, supply, market equilibrium, shifts in curves vs movements along, price elasticity of demand (PED) and supply (PES), market failure, and government intervention (taxes, subsidies, price ceilings and floors). Diagram questions need axes labelled, curves labelled, and equilibrium identified with dashed lines to both axes. Drawing a new curve when a movement along the existing curve was needed is a frequent error.

2.1 9 cards

Microeconomics and macroeconomics

2.2 8 cards

The role of markets

2.3 9 cards

Demand

2.4 9 cards

Supply

2.5 9 cards

Price determination

2.6 10 cards

Price elasticity of demand

2.7 9 cards

Price elasticity of supply

2.8 9 cards

Market economic system

2.9 9 cards

Market failure

2.10 10 cards

Mixed economic system

Unit 3: Microeconomic decision makers

Money and banking, households (income, expenditure, saving), workers and wage determination, firms (sole trader to plc, economies of scale), and competitive vs monopoly market structures. Trade-union effects on wages is a recurring 6-mark evaluation — examiners want both the higher-wage outcome AND the potential job losses. Economies of scale require named examples (technical, financial, purchasing, marketing).

3.1 9 cards

Money and banking

3.2 9 cards

Households

3.3 9 cards

Workers

3.4 9 cards

Trade unions

3.5 10 cards

Firms

3.6 9 cards

Firms and production

3.7 10 cards

Firms' costs, revenue and objectives

3.8 9 cards

Market structure

Unit 4: Government and the macroeconomy

Government roles, fiscal policy (taxation and government spending), monetary policy (interest rates, money supply), supply-side policy (training, deregulation, infrastructure), inflation, unemployment (cyclical, frictional, structural), and economic growth. The trade-off between government economic objectives — for example, policies that lower unemployment can push inflation higher — is a standard Paper 2 evaluation question. Causes vs consequences of inflation is a common 4-mark structured question.

4.1 9 cards

Government role in economy

4.2 10 cards

Macroeconomic aims

4.3 10 cards

Fiscal policy

4.4 9 cards

Monetary policy

4.5 8 cards

Supply-side policy

4.6 9 cards

Economic growth

4.7 10 cards

Employment and unemployment

4.8 10 cards

Inflation and deflation

Unit 5: Economic development

Living standards (GDP per capita, HDI), poverty (relative vs absolute), population growth, the demographic transition model, and indicators of economic development. HDI's three components (life expectancy, education, income per capita) must be named precisely — missing one loses a mark. Pros and cons of GDP per capita as a development indicator is a perennial 6-mark question.

5.1 9 cards

Living standards

5.2 9 cards

Poverty

5.3 9 cards

Population

5.4 9 cards

Differences in economic development

Unit 6: International trade and globalisation

Specialisation, comparative advantage, free trade vs protectionism (tariffs, quotas, subsidies), exchange rates (floating vs fixed), and the balance of payments (current account, capital account). Tariff vs quota comparison is a textbook 4-mark question. Exchange-rate depreciation questions need the J-curve effect on the current account fully explained, with the lag built in.

6.1 9 cards

International specialisation

6.2 9 cards

Globalisation and multinational companies

6.3 10 cards

Free trade and protection

6.4 9 cards

Foreign exchange rates

6.5 10 cards

Balance of payments

Pair flashcards with notes and papers

Flashcards are a recall tool, not a complete study system. Use them alongside these free resources for IGCSE 0455.

Past papers

Question papers, mark schemes, and examiner reports for 0455 sessions.

Browse papers

Revision notes

Topic-by-topic explanations mapped to the 0455 syllabus — read after flashcard recall fails.

Read notes

Practice quizzes

MCQ practice from past papers, organised by topic. Test recall in exam format.

Take a quiz

IGCSE Economics flashcards — FAQ

How many IGCSE Economics flashcards are on LumiExams?

359 flashcards in total, organised across 39 syllabus topics for Cambridge IGCSE Economics (0455). The breakdown: 154 key definitions, and 132 core concepts.

In what order should I study these 0455 flashcards?

If you are starting from scratch, study in syllabus order — Unit 1 first, then Unit 2, and so on. The topics on this page are grouped by unit for that purpose. If you are revising for a specific paper close to the exam, jump to the units that contribute most marks on that paper and use the per-topic decks instead. For deeper context on any topic, the revision notes hub for 0455 is linked above.

What does it mean when a card is "mastered"?

A card moves through four states: New → Learning → Review → Mastered. It reaches Mastered after at least 3 successful Easy reviews and when the next-review interval reaches 21 days or more. A Hard rating resets a card's repetitions to zero — so consistency matters. Progress is stored locally in your browser; clearing browser data resets it.

Are flashcards enough on their own to pass IGCSE Economics?

No — flashcards are a recall tool, not a complete study system. They reinforce definitions and high-yield facts, but they cannot teach you to apply concepts to long-form exam questions or to handle the data-response and 6-mark "explain" questions. Pair them with the free 0455 revision notes on this site, past papers under timed conditions, and the official Cambridge syllabus PDF.

How are these different from Quizlet or Anki Economics decks?

These flashcards are built specifically against the Cambridge IGCSE Economics 0455 syllabus topic codes, with content reviewed against the official mark scheme wording. Generic Quizlet decks vary wildly in quality and rarely tag content to a specific exam board's syllabus. LumiExams cards are also free with no signup, store progress locally on your device only, and use a real SM-2 spaced-repetition algorithm rather than the random-shuffle most Quizlet decks default to.

How long should I spend per flashcard?

About 10-15 seconds for definitions and 20-30 seconds for concepts is typical. If you find yourself thinking longer than 30 seconds, rate the card Hard so it returns tomorrow — don't try to reason your way through every recall. The point of spaced repetition is to surface gaps quickly and repeat them, not to grind on a single card.