What this practice covers
These questions are drawn from past Cambridge IGCSE papers and filtered to market economic system. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
Start practising Paper 1 MCQs →
What examiners see students get wrong here
These are the errors that cost marks on market economic system, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Saying a market economy has no government at all. It still needs laws and property rights to function.
- Confusing efficiency with fairness. A market can be efficient and very unequal at the same time.
- Listing advantages without any disadvantages when the question asks you to evaluate.
- Forgetting that the market provides no public goods, rather than too few.
- Saying the market produces "what people need". It produces what people can pay for.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: Market Economic System revision notes.