HomeIB EconomicsTopic 1.1

What is economics?

Scope of economics, scarcity, opportunity cost, and trade-offs in decision-making.

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IB Economics · Topic 1.1

Sub-topics in Topic 1.1

1.1.1Economics as a social science1.1.2The problem of choice1.1.3Opportunity cost1.1.4Economic questions and systems1.1.5PPC: scarcity, choice and opportunity cost1.1.6PPC: unemployment and growth1.1.7The circular flow of income