EduNinja

Unit 1 Introduction to economics

1.1 What is economics?

1.2 How do economists approach the world?

Unit 2 Microeconomics

2.3 Competitive market equilibrium

2.4 Critique of the maximizing behaviour of consumers and producers

2.5 Elasticities of demand

2.5.1—Concept of elasticity

2.5.2—Price elasticity of demand

2.5.3—PED diagrams and revenue

2.5.4 (HL)—PED along a straight-line demand curve

2.5.5—Determinants and importance of PED

2.5.6 (HL)—PED for primary commodities

2.5.7—Income elasticity of demand

2.5.8 (HL)—Importance of YED

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

2.5.7—Income elasticity of demand Topic Practice

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