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Full Description
Comprehensively updated to match the 2020 syllabus and written by two experienced IB Economics teachers, this study tool presents all the content knowledge covered at Standard and Higher Level. With its focused approach, it distinctly strengthens comprehension of the subject, ensuring learners' confidence and achievement in the IB Diploma.
Contents
Unit 1: Introduction to economics1.1 What is economics?1.2 How do economists approach the world?Unit 2: Microeconomics2.1 Markets - demand2.2 Markets -supply2.3 Competitive market equilibrium2.4 Critique of the maximizing behaviour of consumers and producers (HL)2.5 Elasticities of demand2.6 Elasticity of supply2.7 Role of governments in microeconomies2.8 Market failure—externalities and common pool or common access resources2.9 Market failure - public goods2.10 Market failure - asymmetric information (HL)2.11 Market failure - market power (HL)Unit 3: Macroeconomics3.1 Measuring economic activity and illustrating its variations3.2 Variations in economic activity—aggregate demand and aggregate supply3.3 Macroeconomic objectives3.4 Economics of inequality and poverty3.5 Demand management (demand-side policies): monetary policy3.6 Demand management (demand-side policies): fiscal policy3.7 Supply-side policies3.8 Macroeconomic policies—strengths, limitations and conflictsUnit 4: The global economy4.1 Benefits of international trade4.2 Types of trade protection4.3 Arguments for and against trade control and protection4.4 Economic integration4.5 Exchange rates4.6 Balance of payments4.7 Sustainable development4.8 Measuring development4.9 Barriers to economic growth and/or economic development4.10 Economic growth and/or economic development strategies
