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IBDP Economics

Study Notes

1. Introduction to Economics

1.1.1 Definition of Economics 1.1.2 Scope of Economics 1.1.3 Branches of Economics

1.2.1 Economic Models 1.2.2 Economic Assumptions 1.2.3 Economic Thinking

1.1.1 Definition of Economics 1.1.2 Scope of Economics 1.1.3 Branches of Economics

1.2.1 Economic Models 1.2.2 Economic Assumptions 1.2.3 Economic Thinking

2. Microeconomics

2.1.1 Law of Demand 2.1.2 Individual vs. Market Demand 2.1.3 Non-Price Determinants of Demand

2.2.1 Law of Supply 2.2.2 Individual vs. Market Supply 2.2.3 Non-Price Determinants of Supply

2.3.1 Equilibrium Price & Quantity 2.3.2 Changes in Equilibrium 2.3.3 Role of Speculation in Economics

2.4.1 Consumer Behaviour 2.4.2 Producer Behaviour 2.4.3 Bounded Rationality in Economics

2.5.1 Price Elasticity of Demand (PED)2.5.2 Income Elasticity of Demand (YED)2.5.3 Cross Elasticity of Demand (XED)

2.6.1 Definition & Calculation of Price Elasticity of Supply (PES)2.6.2 Factors Affecting Price Elasticity of Supply (PES)2.6.3 Applications of Price Elasticity of Supply (PES)

2.7.1 Price Controls 2.7.2 Taxation 2.7.3 Subsidies 2.7.4 Government and Market Failures 2.7.5 Regulation in Economics 2.7.6 Redistribution Policies

2.8.1 Definition of Externalities 2.8.2 Externalities and Welfare Loss 2.8.3 Common Pool Resources 2.8.4 Negative Externalities of Production 2.8.5 Negative Externalities of Consumption 2.8.6 Positive Externalities

2.9.1 Characteristics of Public Goods 2.9.2 Provision Dilemma in Public Goods 2.9.3 Quasi-Public Goods

2.10.1 Adverse Selection 2.10.2 Moral Hazard 2.10.3 Signalling & Screening

2.11.1 Monopoly 2.11.2 Oligopoly 2.11.3 Monopolistic Competition 2.11.4 Price Discrimination 2.11.5 Barriers to Entry & Exit 2.11.6 Mergers and Acquisitions

2.12.1 Income Inequality 2.12.2 Wealth Inequality 2.12.3 Policies for Equity

2.1.1 Law of Demand 2.1.2 Individual vs. Market Demand 2.1.3 Non-Price Determinants of Demand

2.2.1 Law of Supply 2.2.2 Individual vs. Market Supply 2.2.3 Non-Price Determinants of Supply

2.3.1 Equilibrium Price & Quantity 2.3.2 Changes in Equilibrium 2.3.3 Role of Speculation in Economics

2.4.1 Consumer Behaviour 2.4.2 Producer Behaviour 2.4.3 Bounded Rationality in Economics

2.5.1 Price Elasticity of Demand (PED)2.5.2 Income Elasticity of Demand (YED)2.5.3 Cross Elasticity of Demand (XED)

2.6.1 Definition & Calculation of Price Elasticity of Supply (PES)2.6.2 Factors Affecting Price Elasticity of Supply (PES)2.6.3 Applications of Price Elasticity of Supply (PES)

2.7.1 Price Controls 2.7.2 Taxation 2.7.3 Subsidies 2.7.4 Government and Market Failures 2.7.5 Regulation in Economics 2.7.6 Redistribution Policies

2.8.1 Definition of Externalities 2.8.2 Externalities and Welfare Loss 2.8.3 Common Pool Resources 2.8.4 Negative Externalities of Production 2.8.5 Negative Externalities of Consumption 2.8.6 Positive Externalities

2.9.1 Characteristics of Public Goods 2.9.2 Provision Dilemma in Public Goods 2.9.3 Quasi-Public Goods

2.10.1 Adverse Selection 2.10.2 Moral Hazard 2.10.3 Signalling & Screening

2.11.1 Monopoly 2.11.2 Oligopoly 2.11.3 Monopolistic Competition 2.11.4 Price Discrimination 2.11.5 Barriers to Entry & Exit 2.11.6 Mergers and Acquisitions

2.12.1 Income Inequality 2.12.2 Wealth Inequality 2.12.3 Policies for Equity

3. Macroeconomics
Premium

3.1.1 Gross Domestic Product (GDP)3.1.2 GDP per Capita 3.1.3 Alternative Measures 3.1.4 Business Cycles

3.2.1 Aggregate Demand 3.2.2 Aggregate Supply 3.2.3 Equilibrium 3.2.4 Multiplier Effect

3.3.1 Full Employment 3.3.2 Price Stability 3.3.3 Economic Growth 3.3.4 Balance of Payments Stability

3.4.1 Measures of Inequality 3.4.2 Causes of Inequality 3.4.3 Poverty Types 3.4.4 Policies to Address Inequality & Poverty

3.5.1 Types of Monetary Policy 3.5.2 Central Banks 3.5.3 Tools of Monetary Policy 3.5.4 Limitations of Monetary Policy

3.6.1 Types of Fiscal Policy 3.6.2 Automatic vs Discretionary Fiscal Policy 3.6.3 Budget Deficits & Surpluses 3.6.4 Limitations of Fiscal Policy

3.7.1 Labour Market Reforms 3.7.2 Incentives for Firms 3.7.3 Human Capital Development 3.7.4 Infrastructure Development 3.7.5 Trade Policies

3.1.1 Gross Domestic Product (GDP)3.1.2 GDP per Capita 3.1.3 Alternative Measures 3.1.4 Business Cycles

3.2.1 Aggregate Demand 3.2.2 Aggregate Supply 3.2.3 Equilibrium 3.2.4 Multiplier Effect

3.3.1 Full Employment 3.3.2 Price Stability 3.3.3 Economic Growth 3.3.4 Balance of Payments Stability

3.4.1 Measures of Inequality 3.4.2 Causes of Inequality 3.4.3 Poverty Types 3.4.4 Policies to Address Inequality & Poverty

3.5.1 Types of Monetary Policy 3.5.2 Central Banks 3.5.3 Tools of Monetary Policy 3.5.4 Limitations of Monetary Policy

3.6.1 Types of Fiscal Policy 3.6.2 Automatic vs Discretionary Fiscal Policy 3.6.3 Budget Deficits & Surpluses 3.6.4 Limitations of Fiscal Policy

3.7.1 Labour Market Reforms 3.7.2 Incentives for Firms 3.7.3 Human Capital Development 3.7.4 Infrastructure Development 3.7.5 Trade Policies

4. The Global Economy
Premium

4.1.1 Comparative Advantage 4.1.2 Gains from Trade 4.1.3 Terms of Trade 4.1.4 Trade and Economic Development

4.2.1 Tariffs 4.2.2 Quotas 4.2.3 Subsidies to Domestic Producers 4.2.4 Non-Tariff Barriers

4.3.1 Infant Industry Argument 4.3.2 National Security in International Trade 4.3.3 Diversification Argument 4.3.4 Protection from Dumping

4.4.1 Levels of Integration 4.4.2 Benefits of Integration 4.4.3 Costs of Integration 4.4.4 Examples of Economic Blocs

4.5.1 Types of Exchange Rate Systems 4.5.2 Factors Influencing Exchange Rates 4.5.3 Impacts of Exchange Rate Changes 4.5.4 Currency Crises

4.6.1 Components of the Balance of Payments 4.6.2 Causes of BOP Imbalances 4.6.3 Implications of BOP Surpluses/Deficits 4.6.4 Policies to Correct Imbalances

4.7.1 Definitions and Goals 4.7.2 Challenges to Sustainable Development 4.7.3 Role of International Organisations in Economic Development 4.7.4 Sustainable Business Practices

4.8.1 GDP vs. GNI 4.8.2 Human Development Index (HDI)4.8.3 Other Development Indicators 4.8.4 Poverty Measures

4.9.1 Structural Barriers 4.9.2 Social & Cultural Barriers 4.9.3 Political Barriers 4.9.4 Environmental Barriers

4.10.1 Export-led Growth 4.10.2 Import Substitution 4.10.3 Aid & Development 4.10.4 Investment in Human Capital

4.1.1 Comparative Advantage 4.1.2 Gains from Trade 4.1.3 Terms of Trade 4.1.4 Trade and Economic Development

4.2.1 Tariffs 4.2.2 Quotas 4.2.3 Subsidies to Domestic Producers 4.2.4 Non-Tariff Barriers

4.3.1 Infant Industry Argument 4.3.2 National Security in International Trade 4.3.3 Diversification Argument 4.3.4 Protection from Dumping

4.4.1 Levels of Integration 4.4.2 Benefits of Integration 4.4.3 Costs of Integration 4.4.4 Examples of Economic Blocs

4.5.1 Types of Exchange Rate Systems 4.5.2 Factors Influencing Exchange Rates 4.5.3 Impacts of Exchange Rate Changes 4.5.4 Currency Crises

4.6.1 Components of the Balance of Payments 4.6.2 Causes of BOP Imbalances 4.6.3 Implications of BOP Surpluses/Deficits 4.6.4 Policies to Correct Imbalances

4.7.1 Definitions and Goals 4.7.2 Challenges to Sustainable Development 4.7.3 Role of International Organisations in Economic Development 4.7.4 Sustainable Business Practices

4.8.1 GDP vs. GNI 4.8.2 Human Development Index (HDI)4.8.3 Other Development Indicators 4.8.4 Poverty Measures

4.9.1 Structural Barriers 4.9.2 Social & Cultural Barriers 4.9.3 Political Barriers 4.9.4 Environmental Barriers

4.10.1 Export-led Growth 4.10.2 Import Substitution 4.10.3 Aid & Development 4.10.4 Investment in Human Capital

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