Unit 1 Introduction to economics

1.1 What is economics?

1.1.1—Economics as a social science

1.1.2—The problem of choice

1.1.3—Basic economic questions and systems

1.1.4—Production possibilities curve model

1.1.5—Circular flow of income model

1.2 How do economists approach the world?

Unit 2 Microeconomics

2.1 Demand

2.2 Supply

2.3 Competitive market equilibrium

2.4 Critique of the maximizing behaviour of consumers and producers

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

2.9 Market failure - public goods

2.10 Market failure - asymmetric information

2.11 Market failure - market power

2.12 The market's inability to achieve equity

Unit 3 Macroeconomics

3.1 Measuring economic activity and illustrating its variations

3.2 Variations in economic activity - aggregate demand and aggregate supply

3.3 Macroeconomic objectives

3.4 Economics of inequality and poverty

3.5 Demand management - monetary policy

3.6 Demand management - fiscal policy

3.7 Supply-side policies

Unit 4 The global economy

4.1 Benefits of international trade

4.2 Types of trade protection

4.3 Arguments for and against trade control/protection

4.4 Economic integration

4.5 Exchange rates

4.6 Balance of payments

4.7 Sustainable development

4.8 Measuring development

4.9 Barriers to economic growth and/or economic development

4.10 Economic growth and/or economic development strategies

IB Economics HL/Notes/1.1.1—Economics as a social science

IB Economics HL 1.1.1—Economics as a social science Notes

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