ib economics revision checklist
DESCRIPTION
For 2015 IB Economics ExamsTRANSCRIPT
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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
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IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT
Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com
2
TOPIC
2.2 Elasticities
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Cross-elasticity of demand
Income elasticity of demand
Price elasticity of supply
Applications of concepts of elasticity
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secondary economic growth occurs
ad valorem
2.3 Theory of the firm
Cost theory -run and long-
Short-run
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-run
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Profit
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IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT
Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com
3
TOPIC
and marginal cost
Perfect competition
Profit- -run and long-run
-run and normal profits in the long-run - -
Monopoly
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Monopolistic competition
-run and long- differentiation
Oligopoly
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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
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IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT
Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com
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
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IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT
Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com
5
TOPIC Inflation
measuring inflation
-run -run
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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
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IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT
Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com
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
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IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT
Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com
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
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-Domar growth model
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IIBB EECCOONNOOMMIICCSS RREEVVIISSIIOONN CCHHEECCKKLLIISSTT
Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com
8
TOPIC
- -oriented strategies
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-credit schemes
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World Bank
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Happy Revision
PLEASE NOTE: This revision checklist as per the ib economics syllabus 2005 [last exam 2012]