SL IB Economics: Revision Notes

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Concise resources for the IB SL Economics course.

1. Introduction To Economics

1.1 What Is Economics? 1.2 How Do Economists Approach The World?

2. Microeconomics

2.1 Demand 2.2 Supply 2.3 Competitive Market Equilibrium 2.4 Price Elasticity of Demand (PED) 2.5 Income Elasticity of Demand (YED) 2.6 Price Elasticity of Supply (PES) 2.7 Role of Government In Microeconomics 2.8 Market Failure: Externalities & Common Pool (Access) Resources 2.9 Market Failure: Public Goods

3. Macroeconomics

3.1 Measuring Economic Activity 3.2 Variations in Economic Activity (AD & AS) 3.3 Macroeconomic Objectives 3.4 Inequality & Poverty 3.5 Demand Management: Monetary Policy 3.6 Demand Management: Fiscal Policy 3.7 Supply-Side Policies

4. The Global Economy

4.1 Benefits of International Trade 4.2 Types of Trade Protection 4.3 Arguments For & Against Trade Protection 4.4 Economic Integration 4.5 Exchange Rates 4.6 Balance of Payments 4.7 Sustainable Development 4.8 Measuring Economic Development 4.9 Barriers to Economic Growth & Development 4.10 Economic Growth & Development Strategies

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