IB Economics SL 2.3.2 Changes in equilibrium
IB Economics SL 2.3.2 Changes in equilibrium
Students practise explaining how real-world shocks—droughts, trade access, or export surges—shift demand or supply curves and change equilibrium price and quantity.
How this is tested
- sketch demand and supply shifts to show the new equilibrium price and quantity
- explain how higher Vietnamese soybean exports shift supply right and lower world prices
- use a rightward demand shift to show Japan access raises Vietnamese farm revenue