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 2.11 Market failure - market power (HL only)
2.11.1 Perfect competition
2.11.2 Monopoly - single or dominant firm, high barriers to entry, no close substitutes
2.11.3 Imperfect competition
2.11.4 Rational producer behaviour
2.11.5 Degrees of market power
2.11.6 Monopoly
2.11.7 Oligopoly
2.11.8 Monopolistic competition
2.11.9 Advantages of large firms having significant market power
2.11.10 Risks in markets dominated by one or a few very large firms
2.11.11 Government intervention in response to abuse of significant market power
