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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 3.7.2 Market-based Policies Key Definitions

Definition

Aggregate supply

The total output produced in an economy at all possible price levels, over a specific time period, ceteris paribus.

Definition

Market-based policies

Supply-side policies that work by removing barriers to market efficiency and reducing government intervention, letting markets allocate resources more freely to raise the economy's productive capacity.

IB Economics 3.7.2 Market-based Policies Key Definitions

Definition

Aggregate supply

The total output produced in an economy at all possible price levels, over a specific time period, ceteris paribus.

Definition

Market-based policies

Supply-side policies that work by removing barriers to market efficiency and reducing government intervention, letting markets allocate resources more freely to raise the economy's productive capacity.