2. Microeconomics Notes

2.1 Demand

2.2 Supply

2.3 Competitive Market Equilibrium

2.4 Critique of the maximizing behaviour of consumers and producers (HL only)

2.5 Elasticities of demand

2.6 Elasticity of supply

2.7 Role of government in microeconomics

2.8 Market failure - externalities, common pool resources, public goods, asymmetric information

2.9 Market failure - public goods

2.10 Market Failure - asymmetric information (HL only)

2.11 Market failure - market power (HL only)

2.12 The market’s inability to achieve equity (HL only)