IB Ecomomics SL – Revision Notes & Question Bank

<--- Economics SL

Revision Notes

1. Introduction to Economics

1.1 What is Economics

1.2 How do Economics Approach

2. Microeconomics

2.1 Demand

2.3 Competitive Market Equilibrium

2.5 Elasticities of Demand

2.7 The Role of Government in Microeconomics

2.9 Market Failure: Public Goods

2.2 Supply

2.4 Critique of the Maximizing Assumptions of Consumer Behavior

2.6 Price Elasticity of Supply (PES)

2.8 Market Failure: Externalities & Common Access Resources

3. Macroeconomics

3.1 Measuring Economic Activity

3.3 Macroeconomic Objectives

3.5 Demand Management: Monetary Policy

3.7 Supply–Side Policies

3.2 Variations in Economic Activity

3.4 Inequality & Poverty

3.6 Demand Management: Fiscal Policy

4. The Global Economy

4.1 Benefits of International Trade

4.3 Arguments for & Against Trade Protection

4.5 Exchange Rates

4.7 Sustainable Development

4.9 Barriers to Economic Growth & Development

4.2 Types of Trade Protection

4.4 Economic Integration

4.6 Balance of Payments

4.8 Measuring Economic Development

4.10 Economic Growth & Development

Question & Answers

1. Introduction to Economics

1.1 What is Economics

1.2 How do Economics Approach

2. Microeconomics

2.1 Demand

2.3 Competitive Market Equilibrium

2.5 Elasticities of Demand

2.7 The Role of Government in Microeconomics

2.9 Market Failure: Public Goods

2.11 Market Failure: Market Power

2.2 Supply

2.4 Critique of the Maximizing Assumptions of Consumer Behavior

2.6 Price Elasticity of Supply (PES)

2.8 Market Failure: Externalities & Common Access Resources

2.10 Market Failure: Asymmetric Information

2.12 The Market’s Inability to Achieve Equity

3. Macroeconomics

3.1 Measuring Economic Activity

3.3 Macroeconomic Objectives

3.5 Demand Management: Monetary Policy

3.7 Supply–Side Policies

3.2 Variations in Economic Activity

3.4 Inequality & Poverty

3.6 Demand Management: Fiscal Policy

4. The Global Economy

4.1 Benefits of International Trade

4.3 Arguments for & Against Trade Protection

4.5 Exchange Rates

4.7 Sustainable Development

4.9 Barriers to Economic Growth & Development

4.2 Types of Trade Protection

4.4 Economic Integration

4.6 Balance of Payments

4.8 Measuring Economic Development

4.10 Economic Growth & Development