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1.1 What Is Economics?

1.2 How Do Economists Approach the World?

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)

3.1 Measuring Economic Activities

3.2 Variations in Economic Activity - Aggregate Demand and Aggregate Supply

3.3 Macroeconomic Objectives

3.4 Economics of Inequality and Poverty

3.5 Demand Management - Monetary Policy

3.6 Demand Management - Fiscal Policy

3.7 Supply Side Policies

4.1 Benefits of International Trade

4.2 Types of Trade Protection

4.3 Arguments For and Against Trade Protection

4.4 Economic Integration

4.5 Exchange Rates

4.6 Balance of Payments

4.7 Sustainable Development

4.8 Measuring Development

4.9 Barriers to Economic Growth and Economic Development

4.10 Economic Growth and Economic Development Strategies

IB Economics 3.1.4 Nominal GNI as a Measure of National Output Key Definitions

Definition

Gross Domestic Product (GDP)

The market value of all final goods and services produced in an economy over a period of time (usually a year), regardless of who owns the factors of production.

Definition

Gross National Income (GNI)

The total income earned by an economy's residents over a specific time period, equal to the market value of all final goods and services produced by the factors of production supplied by the economy's residents, regardless of the location of the factors of production.

IB Economics 3.1.4 Nominal GNI as a Measure of National Output Key Definitions

Definition

Gross Domestic Product (GDP)

The market value of all final goods and services produced in an economy over a period of time (usually a year), regardless of who owns the factors of production.

Definition

Gross National Income (GNI)

The total income earned by an economy's residents over a specific time period, equal to the market value of all final goods and services produced by the factors of production supplied by the economy's residents, regardless of the location of the factors of production.