CourseCourseConceptConceptDocsDocuments

IB Economics SL 2.8 Market Failure Externalities and Common Pool or Common Access Resources Questions

Analyse externalities and common-access resources using social costs, social benefits, diagrams and government responses.

Syllabus
First assessment 2022
Course
Economics SL
Level
SL

Exam points

  • Use externality diagrams to distinguish private and social costs or benefits and locate welfare loss.
  • Explain how taxes, subsidies, permits or regulation can move output towards the social optimum.
  • Evaluate policy responses using elasticity, enforcement, stakeholder effects and equity.

Covered syllabus points

2.8.1—Socially optimum output2.8.2—Externalities and welfare loss2.8.4—Common pool resources2.8.5—Responses to externalities and common pool resource problems2.8.6—Evaluating policy responses

No Questions Yet

Questions will appear here when available.