How to Revise for IGCSE Economics: Tactics That Work

Many students find IGCSE Economics challenging because it demands more than memorisation. You must apply theories to real situations, interpret diagrams, and evaluate policies under exam pressure. If you understand the basics but struggle when it comes to application, you’re not alone.

It’s one thing to learn supply and demand; it’s another to explain why oil prices fluctuate or how inflation affects different households. Even if you know the content, structuring your answers can be tricky, leading to missed marks. Throw in time pressure, and it can feel overwhelming.

But there’s a better way. The key isn’t to revise more, but to revise smarter. By using diagrams, past paper questions, real-world case studies, and structured methods, you’ll be able to tackle any Economics question confidently. I’ll share techniques that have helped countless students go from confusion to clarity and from uncertainty to confidence.

With two decades of teaching and examining experience, I’ve seen what works. I’ve helped students master calculations they once found impossible and write top-band evaluation answers they never thought they could. This guide will show you exactly how to revise for IGCSE Economics so you feel prepared and confident on exam day. I’m going to cover seven proven tactics that have led my students to success:

• Mastering economics diagrams

• Applying economic theory to real-world examples

• Using exam-style questions to develop analysis and evaluation

• Strengthening understanding of economic calculations

• Creating a tailored revision timetable

• Developing strong evaluation skills

• Using mindmaps to link economic concepts

Tactic 1: Master Economic Diagrams

Economics is a visual subject, and many answers require accurate and well-labelled diagrams. You may need to draw demand and supply curves, production possibility frontiers (PPFs), price elasticity graphs, and cost/revenue diagrams.

• Use a structured approach: Always include correctly labelled axes, curves, and equilibrium points.

• Practise drawing diagrams from memory to improve speed and accuracy.

• Annotate your diagrams to explain shifts, movements, and economic consequences.

I worked with a student who found it difficult to understand shifts in demand and supply. They started redrawing diagrams daily from memory, and over time, their confidence grew. By the time of the exam, they could quickly and accurately illustrate equilibrium changes, which made a huge difference in their short-answer and essay responses.

Tactic 2: Apply Economic Theory to Real-World Examples

Examiners reward answers that show a strong understanding of how economic concepts apply to actual events. Being able to reference recent government policies, inflation trends, employment data, or trade disputes makes your arguments more convincing.

• Follow economic news from the BBC, The Economist, or financial websites.

• Keep a ‘real-world examples’ list for topics like inflation, taxation, trade barriers, and economic growth.

• Practise applying theories to case studies, such as explaining how a recession affects unemployment or why governments impose tariffs.

One of my students once used the 2021 global supply chain crisis as an example when discussing trade and exchange rates. They explained how disruptions caused by COVID-19 and rising shipping costs impacted international trade, affecting the prices of goods and services worldwide. This real-world connection made their response stand out because it demonstrated a clear understanding of how economic theory applies to global events.

Tactic 3: Use Exam-Style Questions to Develop Analysis and Evaluation

Past paper practice helps you become familiar with the exam format and develop structured answers.

• Work on past papers under timed conditions to improve speed and clarity.

• Use the PEEL structure (Point, Explain, Example, Link) to build logical, well-reasoned answers.

• Self-mark your responses using examiner reports to understand what earns marks and where you can improve.

I had a student who used to struggle with evaluation questions, especially when structuring their arguments. After practising with the PEEL method and self-marking their responses using past examiner reports, they became much more confident in breaking down their points logically and answering extended questions effectively.

Don’t forget, Save My Exams provides access to CIE IGCSE past papers and Edexcel IGCSE past papers.

Tactic 4: Strengthen Your Understanding of Economic Calculations

Economic calculations are an important part of the syllabus, and many students lose marks by misinterpreting numerical data. Concepts like price elasticity, GDP growth, and inflation rates come up frequently in exams, so being comfortable with these is essential.

• Use formula flashcards to help you memorise key calculations.

• Practise applying formulas in past paper questions rather than just memorising them.

• Check your working to ensure accuracy in multi-step calculations.

Tactic 5: Create a Tailored Revision Timetable

The best way to stay on top of your revision is to plan ahead. A good timetable ensures that you cover all topics without feeling overwhelmed.

• Dedicate specific days to each theme (e.g. market structures on Monday, inflation on Tuesday).

• Rotate between different revision techniques, such as note-taking, past papers, and case studies.

• Use spaced repetition to revisit key topics regularly and reinforce learning.

Save My Exams has some excellent advice in this article on creating a structured revision timetable.

Tactic 6: Develop Strong Evaluation Skills

To secure top marks in extended questions, you need to evaluate the strengths and limitations of economic policies, decisions, and outcomes.

• Consider both sides of an argument before reaching a conclusion.

• Use ‘depends on’ statements to show a balanced approach.

• Rank economic factors by importance and explain why some are more significant than others.

Tactic 7: Use Mind Maps to Link Economic Concepts

Mind maps are a great way to see how different topics connect. They help you visualise relationships between concepts and improve recall in the exam.

• Start with a key concept (e.g. “Economic Growth”).

• Branch out into subtopics, like factors influencing growth, government policies, and consequences.

• Use arrows to show cause-and-effect relationships.

Have a look at Save My Exams’ excellent guide to mind mapping that will set you up for success.

Use a range of tactics

IGCSE Economics isn’t just about learning definitions - it’s about applying theories, interpreting data, and evaluating real-world economic issues. By varying and refining your revision strategies, mastering calculations, and integrating diagrams and case studies, you’ll be well-prepared for your exams.

I know that revision can feel overwhelming, but the key is to be consistent, stay organised, and believe in yourself. Start small - focus on one topic at a time, test yourself regularly, and celebrate the progress you make. With the right approach, you’ll develop the skills needed to achieve top grades.

You’ve got this. Good luck with your revision!

Improve Your Grades with Save My Exams

Save My Exams offers a range of resources to help you excel in IGCSE Economics, including revision notes, past papers, and exam-style questions. These materials are aligned with the specific exam boards, providing targeted support for different topics like the basic economic problem, microeconomics and the global economy.

Revision notes break down complex concepts into manageable sections, while past papers allow you to practice under timed conditions. Additional exam-style questions can familiarise you with the types of questions you might face.

Explore Our IGCSE Economics Revision Resources