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Introduction
1.1 What is Economics?
Economics as a Social Science
The Problem of Choice
Production Possibility Curve
Modeling the Economy
1.2 How do Economists Approach the World?
Economic Methodology
Economic Thought
Microeconomics
2.1 Demand
The Law of Demand and the Demand Curve
Non-Price Determinants of Demand
Movements and Shifts on the Demand Curve
2.2 Supply
The Law of Supply and the Supply Curve
Non-Price Determinants of Supply
Movements and Shifts of the Supply Curve
2.3 Equilibrium
Supply and Demand
The Price Mechanism
Surplus
2.4 Critique of Maximizing Behaviour
Rational Consumer Choice
Behavioral Economics in Action
Business Objectives
2.5 Demand Elasticity
Concept of Elasticity
Price Elasticity of Demand
Income Elasticity of Demand
2.6 Supply Elasticity
2.7 Role of Government in Microeconomics
Reasons for Government Intervention
Main forms of Government Intervention
Consequences of Intervention
2.8 Market Failure: Externalities & Common Pool Resources
Socially Optimum Output
Positive Externalities
Negative Externalities
Common Pool Resources
Government Intervention for Externalities
2.9 Market Failure: Public Goods
2.10 Market Failure: Asymmetric Information
2.11 Market Failure: Market Power
Rational Producer Behavior
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Strengths & Weaknesses of Market Power
2.12 The Market's Inability to Achieve Equity
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
Macroeconomics
3.1 Measuring Economic Activity
National Income Accounting
GDP and GNI
Appropriateness of Using GDP and GNI
Alternative Measures for Wellbeing
Business Cycle
3.2 Aggregate Demand & Aggregate Supply
Aggregate Demand
Aggregate Supply
Alternative Views of Aggregate Supply
Macroeconomic Equilibrium
3.3 Macroeconomic Objectives
Economic Growth
Low Unemployment
Low & Stable Rate of Inflation
Sustainable Level of Government Debt (HL)
Potential Conflicts Between Macroeconomic Objectives
3.4 Inequality and Poverty
Inequality
Lorenz Curve and Gini Coefficient
Poverty
Causes and Effects of Inequality and Poverty
Policies to Reduce Poverty and Inequality
Tax Calculations (HL)
3.5 Monetary Policy
Goals and Tools of Monetary Policy
Money Creation by Commercial Banks (HL)
Interest Rates
Expansionary and Contractionary Monetary Policies
Effectiveness of Monetary Policy
3.6 Fiscal Policy
Goals and Tools of Fiscal Policy
Expansionary and Contractionary Fiscal Policies
Keynesian Multiplier (HL)
Effectiveness of Fiscal Policy
3.7 Supply-side Policy
Goals of Supply-Side Policies
Market-Based Policies
Interventionist Policies
Effects of Demand- and Supply-Side Policies
Effectiveness of Supply-Side Policies
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
Global Economy
4.1 Benefits of International Trade
Benefits
Absolute and Comparative Advantage
Limits to the Theory of Comparative Advantage (HL)
4.2 Types of Trade Protection
Tariffs
Quotas
Subsidies
Export Subsidies
Administrative Barriers
4.3 Arguments For and Against Trade Control/Protection
For
Against
Free Trade vs Protection
4.4 Economic Integration
Trade Agreements
Trading Blocs
Monetary Union
The World Trade Organization
4.5 Exchange Rates
Floating Exchange Rates
Changes in Supply and Demand of Currencies
Consequences of Changes in the Exchange Rate
Fixed Exchange Rates
Managed Exchange Rates
Fixed vs Floating Exchange Rates
4.6 Balance of Payments
Definitions
Components of the Balance of Payments and Interdependence Between Them
Relationship between the Current/Financial Accounts and the Exchange Rate
Implications of a Persistent Current Account Deficit/Surplus
Methods to Correct Persistent Current Account Deficit & its Effectivenesss
The Marshall-Lerner Condition and the J-Curve Effect
4.7 Sustainable Development
Meaning of Sustainable Development
Sustainable Development Goals (SDGs)
Sustainability and Poverty (HL)
4.8 Measuring Development
Multidimensional Nature of Economic Development
Single & Composite Indicators
Strengths and Limitations of Measurements
Relationship Between Economic Growth and Economic Development
4.9 Barriers to Economic Growth and/or Economic Development
Poverty Cycles
Economic Barriers
Political and Social Barriers
Significance of Different Barriers
4.10 Economic Growth and/or Economic Development Strategies
Strategies to Promote Growth/Development
Intervention vs Market-Based
Measuring Sustainable Development Goals
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
More
About EcoNinja
EcoNinja Completion
About IB Economics
The Syllabus
Assessment Objectives (AO)
IB Definitions List
Contact
Home
Introduction
1.1 What is Economics?
Economics as a Social Science
The Problem of Choice
Production Possibility Curve
Modeling the Economy
1.2 How do Economists Approach the World?
Economic Methodology
Economic Thought
Microeconomics
2.1 Demand
The Law of Demand and the Demand Curve
Non-Price Determinants of Demand
Movements and Shifts on the Demand Curve
2.2 Supply
The Law of Supply and the Supply Curve
Non-Price Determinants of Supply
Movements and Shifts of the Supply Curve
2.3 Equilibrium
Supply and Demand
The Price Mechanism
Surplus
2.4 Critique of Maximizing Behaviour
Rational Consumer Choice
Behavioral Economics in Action
Business Objectives
2.5 Demand Elasticity
Concept of Elasticity
Price Elasticity of Demand
Income Elasticity of Demand
2.6 Supply Elasticity
2.7 Role of Government in Microeconomics
Reasons for Government Intervention
Main forms of Government Intervention
Consequences of Intervention
2.8 Market Failure: Externalities & Common Pool Resources
Socially Optimum Output
Positive Externalities
Negative Externalities
Common Pool Resources
Government Intervention for Externalities
2.9 Market Failure: Public Goods
2.10 Market Failure: Asymmetric Information
2.11 Market Failure: Market Power
Rational Producer Behavior
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Strengths & Weaknesses of Market Power
2.12 The Market's Inability to Achieve Equity
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
Macroeconomics
3.1 Measuring Economic Activity
National Income Accounting
GDP and GNI
Appropriateness of Using GDP and GNI
Alternative Measures for Wellbeing
Business Cycle
3.2 Aggregate Demand & Aggregate Supply
Aggregate Demand
Aggregate Supply
Alternative Views of Aggregate Supply
Macroeconomic Equilibrium
3.3 Macroeconomic Objectives
Economic Growth
Low Unemployment
Low & Stable Rate of Inflation
Sustainable Level of Government Debt (HL)
Potential Conflicts Between Macroeconomic Objectives
3.4 Inequality and Poverty
Inequality
Lorenz Curve and Gini Coefficient
Poverty
Causes and Effects of Inequality and Poverty
Policies to Reduce Poverty and Inequality
Tax Calculations (HL)
3.5 Monetary Policy
Goals and Tools of Monetary Policy
Money Creation by Commercial Banks (HL)
Interest Rates
Expansionary and Contractionary Monetary Policies
Effectiveness of Monetary Policy
3.6 Fiscal Policy
Goals and Tools of Fiscal Policy
Expansionary and Contractionary Fiscal Policies
Keynesian Multiplier (HL)
Effectiveness of Fiscal Policy
3.7 Supply-side Policy
Goals of Supply-Side Policies
Market-Based Policies
Interventionist Policies
Effects of Demand- and Supply-Side Policies
Effectiveness of Supply-Side Policies
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
Global Economy
4.1 Benefits of International Trade
Benefits
Absolute and Comparative Advantage
Limits to the Theory of Comparative Advantage (HL)
4.2 Types of Trade Protection
Tariffs
Quotas
Subsidies
Export Subsidies
Administrative Barriers
4.3 Arguments For and Against Trade Control/Protection
For
Against
Free Trade vs Protection
4.4 Economic Integration
Trade Agreements
Trading Blocs
Monetary Union
The World Trade Organization
4.5 Exchange Rates
Floating Exchange Rates
Changes in Supply and Demand of Currencies
Consequences of Changes in the Exchange Rate
Fixed Exchange Rates
Managed Exchange Rates
Fixed vs Floating Exchange Rates
4.6 Balance of Payments
Definitions
Components of the Balance of Payments and Interdependence Between Them
Relationship between the Current/Financial Accounts and the Exchange Rate
Implications of a Persistent Current Account Deficit/Surplus
Methods to Correct Persistent Current Account Deficit & its Effectivenesss
The Marshall-Lerner Condition and the J-Curve Effect
4.7 Sustainable Development
Meaning of Sustainable Development
Sustainable Development Goals (SDGs)
Sustainability and Poverty (HL)
4.8 Measuring Development
Multidimensional Nature of Economic Development
Single & Composite Indicators
Strengths and Limitations of Measurements
Relationship Between Economic Growth and Economic Development
4.9 Barriers to Economic Growth and/or Economic Development
Poverty Cycles
Economic Barriers
Political and Social Barriers
Significance of Different Barriers
4.10 Economic Growth and/or Economic Development Strategies
Strategies to Promote Growth/Development
Intervention vs Market-Based
Measuring Sustainable Development Goals
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
More
About EcoNinja
EcoNinja Completion
About IB Economics
The Syllabus
Assessment Objectives (AO)
IB Definitions List
Contact
More
Home
Introduction
1.1 What is Economics?
Economics as a Social Science
The Problem of Choice
Production Possibility Curve
Modeling the Economy
1.2 How do Economists Approach the World?
Economic Methodology
Economic Thought
Microeconomics
2.1 Demand
The Law of Demand and the Demand Curve
Non-Price Determinants of Demand
Movements and Shifts on the Demand Curve
2.2 Supply
The Law of Supply and the Supply Curve
Non-Price Determinants of Supply
Movements and Shifts of the Supply Curve
2.3 Equilibrium
Supply and Demand
The Price Mechanism
Surplus
2.4 Critique of Maximizing Behaviour
Rational Consumer Choice
Behavioral Economics in Action
Business Objectives
2.5 Demand Elasticity
Concept of Elasticity
Price Elasticity of Demand
Income Elasticity of Demand
2.6 Supply Elasticity
2.7 Role of Government in Microeconomics
Reasons for Government Intervention
Main forms of Government Intervention
Consequences of Intervention
2.8 Market Failure: Externalities & Common Pool Resources
Socially Optimum Output
Positive Externalities
Negative Externalities
Common Pool Resources
Government Intervention for Externalities
2.9 Market Failure: Public Goods
2.10 Market Failure: Asymmetric Information
2.11 Market Failure: Market Power
Rational Producer Behavior
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Strengths & Weaknesses of Market Power
2.12 The Market's Inability to Achieve Equity
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
Macroeconomics
3.1 Measuring Economic Activity
National Income Accounting
GDP and GNI
Appropriateness of Using GDP and GNI
Alternative Measures for Wellbeing
Business Cycle
3.2 Aggregate Demand & Aggregate Supply
Aggregate Demand
Aggregate Supply
Alternative Views of Aggregate Supply
Macroeconomic Equilibrium
3.3 Macroeconomic Objectives
Economic Growth
Low Unemployment
Low & Stable Rate of Inflation
Sustainable Level of Government Debt (HL)
Potential Conflicts Between Macroeconomic Objectives
3.4 Inequality and Poverty
Inequality
Lorenz Curve and Gini Coefficient
Poverty
Causes and Effects of Inequality and Poverty
Policies to Reduce Poverty and Inequality
Tax Calculations (HL)
3.5 Monetary Policy
Goals and Tools of Monetary Policy
Money Creation by Commercial Banks (HL)
Interest Rates
Expansionary and Contractionary Monetary Policies
Effectiveness of Monetary Policy
3.6 Fiscal Policy
Goals and Tools of Fiscal Policy
Expansionary and Contractionary Fiscal Policies
Keynesian Multiplier (HL)
Effectiveness of Fiscal Policy
3.7 Supply-side Policy
Goals of Supply-Side Policies
Market-Based Policies
Interventionist Policies
Effects of Demand- and Supply-Side Policies
Effectiveness of Supply-Side Policies
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
Global Economy
4.1 Benefits of International Trade
Benefits
Absolute and Comparative Advantage
Limits to the Theory of Comparative Advantage (HL)
4.2 Types of Trade Protection
Tariffs
Quotas
Subsidies
Export Subsidies
Administrative Barriers
4.3 Arguments For and Against Trade Control/Protection
For
Against
Free Trade vs Protection
4.4 Economic Integration
Trade Agreements
Trading Blocs
Monetary Union
The World Trade Organization
4.5 Exchange Rates
Floating Exchange Rates
Changes in Supply and Demand of Currencies
Consequences of Changes in the Exchange Rate
Fixed Exchange Rates
Managed Exchange Rates
Fixed vs Floating Exchange Rates
4.6 Balance of Payments
Definitions
Components of the Balance of Payments and Interdependence Between Them
Relationship between the Current/Financial Accounts and the Exchange Rate
Implications of a Persistent Current Account Deficit/Surplus
Methods to Correct Persistent Current Account Deficit & its Effectivenesss
The Marshall-Lerner Condition and the J-Curve Effect
4.7 Sustainable Development
Meaning of Sustainable Development
Sustainable Development Goals (SDGs)
Sustainability and Poverty (HL)
4.8 Measuring Development
Multidimensional Nature of Economic Development
Single & Composite Indicators
Strengths and Limitations of Measurements
Relationship Between Economic Growth and Economic Development
4.9 Barriers to Economic Growth and/or Economic Development
Poverty Cycles
Economic Barriers
Political and Social Barriers
Significance of Different Barriers
4.10 Economic Growth and/or Economic Development Strategies
Strategies to Promote Growth/Development
Intervention vs Market-Based
Measuring Sustainable Development Goals
Extra
Definitions
Diagrams/Calculations
Real-Life Examples
More
About EcoNinja
EcoNinja Completion
About IB Economics
The Syllabus
Assessment Objectives (AO)
IB Definitions List
Contact
2.5
Demand Elasticity
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Concept of Elasticity
Price Elasticity of Demand
Income Elasticity of Demand
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