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IB Economics Study & Revision Notes (SL/HL)

Browse syllabus-aligned IB Economics revision notes by topic. Open each chapter for explanations, examples, and summaries.

1.1 What Is Economics?

1.1A What Economics Is: Scarcity, Choice & Opportunity Cost

26 minute read

1.1B Modelling the Economy: The PPC & the Circular Flow

19 minute read

1.2 How Do Economists Approach the World?

1.2A How Economists Think: Methodology & Schools of Thought

31 minute read

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1.1 What Is Economics?

1.1A What Economics Is: Scarcity, Choice & Opportunity Cost

26 minute read

1.1B Modelling the Economy: The PPC & the Circular Flow

19 minute read

1.2 How Do Economists Approach the World?

1.2A How Economists Think: Methodology & Schools of Thought

31 minute read

2. Microeconomics

2.1 Demand

2.1A Demand: The Law & Its Determinants

35 minute read

2.1B Why Demand Slopes Down: Marginal Utility, Income & Substitution Effects (HL)

10 minute read

2.2 Supply

2.2A Supply: The Law & Its Determinants

42 minute read

2.2B Why Supply Slopes Up: Diminishing Returns & Marginal Cost (HL)

23 minute read

2.3 Competitive Market Equilibrium

2.3A Market Equilibrium & the Price Mechanism

21 minute read

2.3B Surplus & Allocative Efficiency

27 minute read

2.3C Calculating Consumer & Producer Surplus (HL)

15 minute read

2.4 Critique of the Maximizing Behaviour of Consumers and Producers (HL Only)

2.4A Behavioural Economics & Firm Objectives (HL)

35 minute read

2.5 Elasticities of Demand

2.5A Price Elasticity of Demand (PED)

29 minute read

2.5B Income Elasticity of Demand (YED)

8 minute read

2.5C Demand Elasticities: HL Extensions - Primary Commodity PED & Applications of YED (HL)

15 minute read

2.6 Elasticity of Supply

2.6A Price Elasticity of Supply (PES)

10 minute read

2.6B PES: HL Extension - Why PES for Primary Commodities Is Lower (HL)

8 minute read

2.7 Role of Government in Microeconomics

2.7A Government Intervention: Price Ceilings & Price Floors

49 minute read

2.7B Government Intervention: Indirect Taxes & Subsidies

39 minute read

2.8 Market Failure - Externalities, Common Pool Resources, Public Goods, Asymmetric Information

2.8A Externalities & Common Pool Resources: Policies, Strengths & Limitations

46 minute read

2.8B Externalities: International Cooperation & Concluding Overview

12 minute read

2.9 Market Failure - Public Goods

2.9A Public Goods

18 minute read

2.10 Market Failure - Asymmetric Information (HL Only)

2.10A Asymmetric Information (HL)

27 minute read

2.11 Market Failure - Market Power (HL Only)

2.11A Costs, Revenues & Profit (HL)

25 minute read

2.11B Perfect Competition (HL)

16 minute read

2.11C Monopoly (HL)

28 minute read

2.11D Monopolistic Competition (HL)

9 minute read

2.11E Oligopoly (HL)

13 minute read

2.11F Market Power: Large Firms & Government Intervention (HL)

41 minute read

2.11G Comparing Market Structures (HL)

6 minute read

2.12 The Market’s Inability to Achieve Equity (HL Only)

2.12.1 The Market's Inability to Achieve Equity (HL)

11 minute read

3. Macroeconomics

3.1 Measuring Economic Activities

3.1A Measuring National Output: GDP & GNI

41 minute read

3.1B The Business Cycle & Measuring Well-being

43 minute read

3.1.2 Income, Output and Expenditure Approaches to National Income Accounting

10 minute read

3.2 Variations in Economic Activity - Aggregate Demand and Aggregate Supply

3.2A Aggregate Demand

42 minute read

3.2B Aggregate Supply & Macroeconomic Equilibrium

42 minute read

3.2C Keynesian vs Monetarist/New Classical Models

30 minute read

3.3 Macroeconomic Objectives

3.3A Economic Growth & Unemployment

63 minute read

3.3B Inflation, Deflation & Conflicts Between Objectives

65 minute read

3.3C Sustainable Government Debt (HL)

13 minute read

3.4 Economics of Inequality and Poverty

3.4A Inequality & Poverty: Meaning & Measurement

43 minute read

3.4B Inequality & Poverty: Causes & Impact

15 minute read

3.4C Policies to Reduce Poverty & Inequality (Taxation & Beyond)

32 minute read

3.4D Calculating Average & Marginal Tax Rates (HL)

18 minute read

3.5 Demand Management - Monetary Policy

3.5A Monetary Policy

21 minute read

3.5B Evaluating Monetary Policy

7 minute read

3.5C Monetary Policy: Money Creation & the Money Market (HL)

22 minute read

3.5.2 Goals of Monetary Policy

9 minute read

3.6 Demand Management - Fiscal Policy

3.6A Fiscal Policy

16 minute read

3.6B Evaluating Fiscal Policy

41 minute read

3.6C The Keynesian Multiplier (HL)

10 minute read

3.6.2 Goals of Fiscal Policy

8 minute read

3.7 Supply Side Policies

3.7A Supply-Side Policies (Market-Based & Interventionist)

61 minute read

3.7B Evaluating Supply-Side Policies

29 minute read

4. The Global Economy

4.1 Benefits of International Trade

4.1A Benefits of International Trade

15 minute read

4.1B Comparative Advantage & Its Limitations (HL)

28 minute read

4.2 Types of Trade Protection

4.2A Trade Protection: Tariffs

32 minute read

4.2B Trade Protection: Quotas

32 minute read

4.2C Trade Protection: Subsidies & Export Subsidies

40 minute read

4.2D Administrative Barriers & Cross-Tool Stakeholder Evaluation

12 minute read

4.2E Trade Protection: Calculating Revenue, Spending & Welfare Loss (HL)

104 minute read

4.3 Arguments For and Against Trade Protection

4.3A Arguments For & Against Trade Protection

37 minute read

4.4 Economic Integration

4.4A Economic Integration

37 minute read

4.4B Monetary Union: Advantages & Disadvantages (HL)

9 minute read

4.5 Exchange Rates

4.5A Exchange Rates: Floating, Fixed & Managed

39 minute read

4.5B Fixed vs Floating Exchange Rate Systems (HL)

8 minute read

4.6 Balance of Payments

4.6A Balance of Payments: Structure & Interdependence

15 minute read

4.6B Current & Financial Accounts and the Exchange Rate (HL)

10 minute read

4.6C Persistent Imbalances, Marshall-Lerner & the J-Curve (HL)

22 minute read

4.7 Sustainable Development

4.7A Sustainable Development

9 minute read

4.7B Sustainability & Poverty (HL)

7 minute read

4.8 Measuring Development

4.8A Measuring Development

28 minute read

4.9 Barriers to Economic Growth and Economic Development

4.9A Barriers to Growth & Development

23 minute read

4.10 Economic Growth and Economic Development Strategies

4.10A Growth & Development Strategies

37 minute read

MYP Subjects

IB Economics Study & Revision Notes (SL/HL)

1. Introduction to Economics

1.1 What Is Economics?

1.2 How Do Economists Approach the World?

Save your notes progress

1. Introduction to Economics

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