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Learn how deflationary/recessionary and inflationary gaps differ in IB Economics, including output, unemployment, price levels, diagrams, and policy.
Read the answerCompare monetarist/new classical and Keynesian aggregate supply, including curve shapes, full employment, adjustment, inflation, and policy implications.
Learn what short-run aggregate supply means, why the SRAS curve slopes upward, and how production costs and indirect taxes shift it in IB Economics.
Learn how macroeconomic equilibrium is determined where AD intersects AS, and how Keynesian and monetarist/new classical models explain output and prices.
Learn what shifts the LRAS curve in IB Economics, why productive capacity changes, and how to explain the shift accurately in an exam response.
Learn why full employment still includes frictional, structural and seasonal unemployment, and how the natural rate appears in IB aggregate demand and supply analysis.
Learn why sticky wages and prices can sustain a Keynesian recessionary gap, while monetarist adjustment restores full-employment output over time.
Learn how actual growth moves output toward a PPC, while potential growth shifts the PPC outward, using precise IB Economics terminology and exam technique.
Learn how to calculate the unemployment rate using the labour force formula, with a worked IB Economics example and key exam errors to avoid.
Learn how to calculate the economic growth rate using real GDP, with an IB Economics worked example, interpretation, common misconception, and exam technique.
Explore how economic growth affects living standards, the environment, and income distribution, with balanced IB Economics analysis and focused exam guidance.
Learn the personal, social and economic costs of unemployment for IB Economics, including lost income, government finances and potential output.
Learn the four IB Economics types of unemployment, cyclical, structural, seasonal and frictional, with clear causes, examples and exam distinctions.
Learn the main limitations of the Consumer Price Index, including basket accuracy, weighting, quality changes, substitution bias, and exam application.
Understand the difference between demand-pull and cost-push inflation through AD/AS shifts, causes, effects, diagrams, and IB Economics exam technique.
Learn how CPI measures inflation using a weighted basket, a base-year index and percentage change, with an IB Economics example for SL and HL.
Learn the costs of deflation, including delayed spending, unemployment, rising real debt, bankruptcies and weaker monetary policy effectiveness.
Learn how disinflation differs from deflation, how each affects the average price level and inflation rate, and how to explain both in IB Economics exams.
Learn the main costs of high inflation, including uncertainty, redistribution, weaker exports, reduced saving, slower growth and resource misallocation.
Learn what government debt means, how the debt-to-GDP ratio is calculated, and why IB Economics HL distinguishes national debt from a budget deficit clearly.
Understand the short-run inflation-unemployment trade-off, Phillips curve shifts, expectations, and why no permanent trade-off exists in IB Economics HL.
Learn how short-run and long-run Phillips curves differ, why expectations shift the SRPC, and how to explain both clearly in IB Economics HL exams.
Learn how an annual budget deficit adds to national debt, why a smaller deficit can still raise debt, and how debt-to-GDP affects sustainability in IB HL.
Learn why economic growth may conflict with environmental sustainability through resource depletion, pollution and the opportunity cost of green policies.
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