Study IB Economics HL 2.1.2 by explaining why demand usually falls as price rises and how marginal utility, expectations and exceptional goods alter that pattern.
Explain why demand curves may not always slope downward from left to right.
Candidates may include:
- a definition of demand
- an explanation of a normal demand curve
- an explanation of exceptions:
- ostentatious (Veblen) goods
- role of expectations
- Giffen goods
- goods facing perfectly elastic or perfectly inelastic demand curves
- use of a diagram to illustrate an upward-sloping demand curve
- use of a diagram to illustrate a perfectly inelastic/elastic demand curve.
Candidates who incorrectly label diagrams cannot be rewarded with full marks.
Examiners should be aware that candidates may take a different approach which if appropriate, should be rewarded.
Assessment Criteria
Level
Completely inappropriate answer.
Little understanding of the specific demands of the question.
Very little recognition of relevant economic theory.
Relevant terms not defined.
Significant errors.
Some understanding of the specific demands of the question.
Some recognition of relevant economic theory.
Some relevant terms defined.
Some errors.
Marks
0
1-3
4-6
7-8
9-10