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📈Group 3 — Individuals & Societies

Economics

HL AvailableSL Available

Complete coverage of micro and macroeconomics, international trade, and development economics. All key diagrams, definitions, and evaluation points built into the cards.

420
Total Cards
8
Topics Covered
240
HL Cards
180
SL Cards

Full Syllabus Coverage

Every topic in the official IB Subject Guide — nothing missed.

Introduction to Economics
  • Scarcity, choice and opportunity cost
  • The production possibilities curve (PPC)
  • Economic systems: free market, command, mixed
  • The circular flow of income model
  • Positive vs normative statements
Microeconomics — Demand and Supply
  • Law of demand; individual vs market demand
  • Determinants of demand (PIRATE: Price of related goods, Income, tastes, Advertising, related goods, Expectations)
  • Law of supply; determinants of supply
  • Price mechanism and market equilibrium
  • Consumer and producer surplus
  • Price controls: price ceilings and price floors
Microeconomics — Elasticity
  • Price elasticity of demand (PED): formula, determinants, values
  • Income elasticity of demand (YED): normal vs inferior goods
  • Cross-price elasticity of demand (XED): substitutes vs complements
  • Price elasticity of supply (PES): determinants and significance
  • Applications of elasticity: taxation, subsidies, revenue
Microeconomics — Market Failure
  • Externalities: negative and positive, production and consumption
  • Marginal social cost / benefit diagrams
  • Public goods: non-excludable, non-rival
  • Common pool resources and the tragedy of the commons
  • Asymmetric information: adverse selection, moral hazard
  • Government responses: taxes, subsidies, regulations, tradeable permits
Theory of the Firm (HL only)HL Only
  • Short run and long run production; law of diminishing returns
  • Costs: fixed, variable, total, average, marginal
  • Revenue: total, average, marginal
  • Profit maximisation: MR = MC rule
  • Market structures: perfect competition, monopolistic competition, oligopoly, monopoly
  • Diagrams for each market structure in SR and LR
  • Price discrimination: first, second and third degree
Macroeconomics
  • Measuring national income: GDP, GNI, GNP
  • AD/AS model: components of AD, shifts in AD and AS
  • Keynesian vs monetarist views on AS
  • Macroeconomic objectives: growth, employment, inflation, current account balance
  • Business cycle: boom, recession, slump, recovery
  • Inflation: demand-pull, cost-push, measurement (CPI)
  • Unemployment: types (cyclical, structural, frictional, seasonal)
  • Fiscal policy: government spending, taxation, budget positions
  • Monetary policy: interest rates, money supply, quantitative easing
  • Supply-side policies: privatisation, deregulation, education, infrastructure
  • The multiplier effect
  • Keynesian cross and inflationary/deflationary gaps
International Economics
  • Absolute and comparative advantage; gains from trade
  • Free trade vs protectionism arguments
  • Trade barriers: tariffs, quotas, subsidies, administrative barriers
  • Trade agreements: bilateral, regional, multilateral (WTO)
  • Balance of payments: current account, capital account, financial account
  • Exchange rate systems: fixed, floating, managed
  • Exchange rate determination and impacts on trade
  • Marshall-Lerner condition and J-curve effect (HL)
Development Economics
  • Measuring development: GDP per capita, HDI, HPI, Gini coefficient
  • Characteristics of economically less developed countries
  • Barriers to development: poverty trap, geographical factors, debt
  • Strategies for development: trade, aid, FDI, microfinance
  • Rostow's stages of economic growth model
  • Harrod-Domar growth model
  • Sustainability and the environment
  • Role of international aid: bilateral vs multilateral

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