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IB Economics SL Flashcards

Master Economics with 1218+ free flashcards. Spaced repetition helps you remember more and forget less.

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1218 flashcards across all 31 topics

U1: What is Economics?

What is economics?

How do economists approach the world?

U2: Microeconomics

Competitive market equilibrium

Critique of maximizing behaviour of consumers and producers

Elasticity of demand

Elasticity of supply

Role of government in microeconomics

Market failure: externalities and common pool resources

Market failure: public goods

Market failure: asymmetric information

Market failure: market power

The market’s inability to achieve equity

U3: Macroeconomics

Measuring economic activity and illustrating its variations

Variations in economic activity: aggregate demand and aggregate supply

Macroeconomic objectives

Economics of inequality and poverty

Demand management: monetary policy

Demand management: fiscal policy

Supply-side policies

U4: The Global Economy

Benefits of international trade

Types of trade protection

Arguments for and against trade control/protection

Economic integration

Balance of payments

Sustainable development

Measuring development

Barriers to economic growth and/or economic development

Economic growth and/or economic development strategies

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