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Unit 1 Introduction to economics

Unit 2 Microeconomics

2.3 Competitive market equilibrium

2.5 Elasticities of demand

2.6 Elasticity of supply

2.7 Role of government in microeconomics

2.8 Market failure - externalities and common pool or common access resources

2.8.1—Socially optimum output

2.8.2—Externalities and welfare loss

2.8.4—Common pool resources

2.8.5—Responses to externalities and common pool resource problems

2.8.6—Evaluating policy responses

2.9 Market failure - public goods

Unit 3 Macroeconomics

Unit 4 The global economy

IB/Economics/SL//Concept/Unit 2 Microeconomics/2.8 Market failure - externalities and common pool or common access resources/2.8.5—Responses to externalities and common pool resource problems

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