Assessment
Mark scheme Q7 microeconomics (unit 2.7)
This paper 1 style question, on the impact of indirect taxes on consumption demerit goods, is in two parts. The first requires candidates to illustrate, using a diagram, how a tax on fuel can be used...
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Unit 2.5(1): Price elasticity of demand (PED)
Elasticity is an economic concept based on change. It measures how consumers and producers respond to changes in variables that affect demand and supply. Elasticity is important because it allows us to...
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Unit 2.4(2): Business objectives (HL)
Firms' supply decisions influence the allocation of resources in markets. Those supply decisions are based on the objectives businesses set when they produce in different markets. Firms are influenced...
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Unit 2.4(1): Behavioural economics (HL)
Behavioural economics considers consumer behaviour in a more complex way than classical economic theory. It introduces human psychology into the buyer decision-making process and considers how factors...
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Unit 2.3: Competitive market equilibrium
Equilibrium in markets occurs where demand equals supply, and the market-clearing price and output are established. The equilibrium price is known as the market-clearing price because, at that moment,...
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Unit 2.2: Supply theory
In this chapter, we examine how supply affects the allocation of resources in the economy. Supply is the resource element of the central economic problem of scarcity and the allocation of the factors...
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Unit 2.1: Demand theory
Unit 2.1 is the first section in microeconomics. In our introduction to Economics, we considered the question of how resources are allocated in society and the first step to answering this question is...
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Chapter 2: Microeconomics
This section provides individual links to each page in the microeconomics part of the syllabus. Unit 2.1 is the first section in microeconomics. In our introduction to Economics, we considered the question...
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Unit 1.2: How do economists approach the world?
This chapter covers the way economists look at the world. It explores the methodology used by economists and how this approach differs from natural sciences. The section moves on to consider the work...
Google Slides
Global Economics units 4.7 to 4.10
This page provides links to the Google Slides presentations for units 4.7 to 4.10 of the global economics section of the IB course. The slides cover each part of the syllabus and include related discussion...