1. Introduction to Economics
2. Microeconomics
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)
3. Macroeconomics
4. The Global Economy
View a summary cheatsheet for 2.8 Market failure - externalities, common pool resources, public goods, asymmetric information
2.8.1 Marginal social benefit (MSB) equals marginal social cost (MSC).
2.8.2 Government intervention in response to externalities and common pool resources
2.8.3 Strengths and limitations of government policies to correct externalities
2.8.4 Importance of international cooperation
