Review/Revision
Unit 2.6: Price elasticity of supply (PES)
This revision page covers the definition and measurement of PES, the interpretation of the PES value, determinants of PES and the application of PES. Definition of PES Price elasticity of supply is the...
Review/Revision
Unit 2.5(2): Income elasticity of demand (YED)
This page focuses on income elasticity of demand (YED). It covers its definition and measurement, and how to interpret different YED values. Income elasticity of demand is the responsiveness of quantity...
Review/Revision
Unit 2.5(1) Price elasticity of demand (PED)
This page focuses on price elasticity of demand (PED). It covers its definition and measurement, the interpretation of the PED value, the determinants of PED, the effect of PED on revenue, types of goods...
Review/Revision
Unit 2.4(2): Business objectives (HL)
This page focuses on different business objectives. It covers profit maximisation, corporate and social responsibility, market share, satisficing, and growth. Market supply decisions are based on the...
Review/Revision
Unit 2.4(1): Behavioural economics (HL)
This page covers the behavioural economics section of the course. This is an HL-only topic. Behavioural economics considers how psychology affects economic decision-making and offers an alternative approach...
Review/Revision
Unit 2.3: Competitive market equilibrium
This page examines the concept of market equilibrium. Equilibrium occurs in markets where demand equals supply and the market-clearing price and output are established. Equilibrium in markets occurs...
Review/Revision
Unit 2.2 Supply theory
This page covers supply theory and its determinants. Supply is the willingness and ability of producers to offer a given quantity of a good for sale at a point in time and at a given price. Supply refers...
Review/Revision
Unit 2.1 Demand theory
This page covers demand theory, the law of demand, utility theory, and the non-price factors that affect demand. The market is a central feature of the study of microeconomics. A market for a good...
Review/Revision
Unit 1.2: How economists approach the world
Economic methodology refers to the way economists study the subject. As a social science, Economics uses scientific methods to explain how the economy works at a microeconomic and macroeconomic level....
Review/Revision
Approach to the IB Economics examination specification
This chapter sets out how the external assessment model in Economics is used in the IB examination-style questions included with each inquiry case example. Exam inquiry case examples include questions...