Economics Higher Level
Economics Higher Level
£20.00
George Graves
This comprehensive IB Economics Higher Level guide has been fully updated in 2021 and covers the core topics of the IBDP Economics HL course. With an emphasis on subject knowledge and how to answer exam questions, as well as specific guidance on how to study effectively for exams, this guide is an essential tool for your IB Economics HL revision.
ISBN: 978191343314
80 pages
Quantity:
Key features of the Economics HL study guide
- Concise summaries and key terminology for each topic
- Clear diagrams for key economic expressions and relationships
- Real-world examples to contextualise important concepts
- Guidance on approaching exam questions and tips to focus study
- Additional points for students seeking a deeper understanding.
Content is valid for external assessments from May 2022.
Contents of the Economics HL study guide
Introduction to Economics
- Key Concepts
The Fundamental Economic Problem
Market Equilibrium and Resource Allocation
- Demand
- Supply
- How demand and supply interact to establish market equilibrium
Elasticity of Demand and Supply
- Price elasticity of demand (PED)
- Income elasticity of demand (YED)
- Price elasticity of supply (PES)
- Applications of elasticity
Government Intervention in the market
- Price controls
- Indirect Taxes
- Subsidies
- Evaluation of Government Intervention in the Market
Market Failure
- Externalities
- Government policies to reduce market failure resulting from externalities
- Public goods
- Asymmetric Information
- Common access or pool resources
- Monopoly power
Profit maximisation under different market structures
- Profit
- Costs of production
- Revenue from production
- Profit maximisation
- Profit maximisation under different market structures
- Behavioural theories
Equity and Equality
Macroeconomics
- The measurement of economic activity
- The concept of the circular flow
- How to analyse macroeconomic equilibrium
- How to apply the AD/AS model
- Objectives of government policy (Causes of problem)
- Government policy to achieve the objectives (Cures)
- Applying the cures to the causes
- Consequences of failing to achieve the objectives
The Global Economy
- The gains from trade
- Restrictions on the freedom of trade: Protection
- Types of protection
- Trading Blocs
- Exchange Rates (ER)
- The effects of exchange rate changes
- Alternative ER systems
- Balance of Payments
- Current Account disequilibria
- How to correct a current account deficit
- Some additional points
- Development Economics
- Barriers to development
- Strategies to promote economic growth and development
Additional topics
- Numerical questions
- Inflation revisited
- Fiscal policy revisited
