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About this section: This section , known as the " Last Minute Revision Section" or the LMR section is aimed to help speedy revision during board exam time and even otherwise. Notes are available as a part of yearly membership for IGCSE Economics 0455 /0980 (9-1) for Cambridge syllabus IGCSE Economics Last Minute Revision Sheets -Set-1. 3. 1-Microeconomics and Macroeconomics. pdf. 1 IGCSE Economics Opportunity cost and the basic economic problem Definition Opportunity cost: the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen) Production: the act of creating output, a good or service which has value contributes to the utility of others Producer: people who make and sell goods/services Consumption: The final All the notes below have been updated to match the CIE IGCSE Economics (0455) syllabus for examinations in 2020, 2021 and 2022. 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