ib economics revision checklist

IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT

Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com

1

TOPIC

UNIT 1 INTRODUCTION TO ECONOMICS

Definitions of social science and economics

Ceteris paribus

what to produce? how to produce? for whom to produce?

UNIT 2 MICROECONOMICS

2.1 Markets

using the characteristics of the number of buyers and

Demand

diagrammatic analysis

- goods

Supply

Interaction of demand and supply

to a new

Price controls



2

TOPIC

2.2 Elasticities

-

Cross-elasticity of demand

Income elasticity of demand

Price elasticity of supply

Applications of concepts of elasticity

-

secondary economic growth occurs

ad valorem

2.3 Theory of the firm

Cost theory -run and long-

Short-run

-

-run

-

Profit



3

TOPIC

and marginal cost

Perfect competition

Profit- -run and long-run

-run and normal profits in the long-run - -

Monopoly

-

Monopolistic competition

-run and long- differentiation

Oligopoly

-

of non-price competition

Price discrimination

producer or the consumer 2.4 Market failure Reasons for market failure

-term and long- of public goods

Tradable permits



4

TOPIC

UNIT 3 MACROECONOMICS

3.1 Measuring national income income

per capita

between countries

3.3 Macroeconomic models components

-run - -

3.4 Demand-side and supply-side policies

-side policies

-side policies

3.5 Unemployment and inflation Unemployment

-deficient



5

TOPIC Inflation

measuring inflation

-run -run

-

3.6 Distribution of income

UNIT 4 4.1 Reasons for trade

Definition of free trade Types of protectionism

Arguments for protectionism

Protection of employment



6

TOPIC -dumping

Arguments against protectionism

-run reliance on protectionist methods

4.3 Economic integration

Trading blocs

4.5 Balance of payments

account

trade flow

4.7 Balance of payment problems

rates -reducing policies

- -switching policies

- -



7

TOPIC 4.8 Terms of trade

domestic economy

-run and long-run

resources

political stability

* * * low incomes Institutional and political factors

International trade barriers

indebtedness

-

-Domar growth model



8

TOPIC

- -oriented strategies

-

-credit schemes

-

World Bank

-

Happy Revision

PLEASE NOTE: This revision checklist as per the ib economics syllabus 2005 [last exam 2012]

ib economics revision checklist

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