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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 3.7.3 Interventionist Policies Key Definitions

Definition

Interventionist policies

Supply-side policies in which the government takes direct action to expand the economy's productive capacity, such as funding education and training, health care, research and development, infrastructure and industrial policies.

Definition

Opportunity cost

The value of the next best option that must be forgone or sacrificed in order to acquire something else.

IB Economics 3.7.3 Interventionist Policies Key Definitions

Definition

Interventionist policies

Supply-side policies in which the government takes direct action to expand the economy's productive capacity, such as funding education and training, health care, research and development, infrastructure and industrial policies.

Definition

Opportunity cost

The value of the next best option that must be forgone or sacrificed in order to acquire something else.