IB Economics

IB Economics Review Guide

Syllabus section

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Introduction to Economics

• 1.1 Basic Definitions
• 1.2 PPF and PPC
• 1.3 Free Market vs Planned Economy

Microeconomics

• 2.1 Markets
• 2.2 Elasticities
• 2.3 Theory of the Firm (HL)
• 2.4 Market Failure

Macroeconomics

• 3.1 Measuring National Income
• 3.2 Introduction to Development

• 3.3 Macroeconomic Models
• 3.4 Demand-side and Supply-side policies
• 3.5 Unemployment and Inflation
• 3.6 Distribution of Income

International Economics

• 4.1 Reasons for trade
• 4.2 Free trade and protectionism
• 4.3 Economic integration
• 4.4 World Trade Organization (WTO)
• 4.5 Balance of payments
• 4.6 Exchange rates
• 4.7 Balance of Payment problems
• 4.8 Terms of trade

Development Economics

• 5.1 Sources of Economic Growth and/or Development
• 5.2 Consequences of Growth
• 5.3 Barriers to Economic Growth
• 5.4 Growth and Development Strategies
• 5.5 Evaluation of Growth and Development Strategies