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NotesEconomicsTopic 1.1
Unit 1 · Introduction to economics · Topic 1.1

IB Economics — What is economics?

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

Exam technique guidePractice questions

What you'll learn in Topic 1.1

  • 1.1.1 Scarcity and choice
  • 1.1.2 Opportunity cost and trade-offs
  • 1.1.3 Free goods vs economic goods
  • 1.1.4 The three basic economic questions
Suggested study order: Read the notes for each sub-topic below → test yourself with flashcards → attempt practice questions → review exam technique.

Study resources — 1.1 What is economics?

1.1.1

Scarcity and choice

Notes
1.1.2

Opportunity cost and trade-offs

Notes
1.1.3

Free goods vs economic goods

Notes
1.1.4

The three basic economic questions

Notes

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Topic 1.1 What is economics? forms a core part of Unit 1: Introduction to economics in IB Economics. Mastering these concepts will strengthen your understanding of connected topics across the syllabus and prepare you for exam questions that require analysis, evaluation, and real-world application.

Frequently asked questions

What does Topic 1.1 What is economics? cover in IB Business Management?
Topic 1.1 covers what is economics? as part of the IB BM syllabus. Students learn key business concepts, tools, and frameworks that are assessed in Paper 1 (case study) and Paper 2 (structured questions).
How should I revise What is economics? for IB Business Management exams?
Start with the micro-topic notes to build understanding, then use flashcards for key terms and formulas. Practise applying concepts to case study scenarios and review how marks are allocated in IB mark schemes.
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1.2 How do economists approach the world?
All Economics topics
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