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Units 1-2: Microeconomics
Unit 3: Macroeconomics
Unit 4: Global economy
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Old curriculum resources

Price discrimination (old syllabus) HL

The IB core

Extended essay

The 5 year rule in economics
Using the EE markbands
Focus on the criteria
Extended essay checklist
Exemplar extended essay

Annotated extended essay sample 1 (grading criteria)

Annotated extended essay sample 1

Annotated extended essay sample 1 (grading criteria)

Annotated extended essay sample 2

Annotated extended essay sample 2 (grading criteria)

Annotated extended essay sample 3

Annotated extended essay sample 3 (grading criteria)

Textbook

Contents page
Textbook approach to the new IB Economics examination specification
Chapter 1: Introduction to Economics

Unit 1.1: Introduction to Economics
Unit 1.2: How do economists approach the world?

Chapter 2: Microeconomics

Unit 2.1: Demand theory
Unit 2.2: Supply theory
Unit 2.3: Competitive market equilibrium
Unit 2.4(1): Behavioural economics (HL)
Unit 2.4(2): Business objectives (HL)
Unit 2.5(1): Price elasticity of demand (PED)
Unit 2.5(2): Income elasticity of demand (YED)
Unit 2.6: Price elasticity of supply (PES)
Unit 2.7(1): Governments in markets - tax and subsidy
Unit 2.7(2): Governments in markets - price controls
Unit 2.8(1): Market failure – externalities
Unit 2.8(2): Market failure - merit goods and demerit goods
Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods
Unit 2.8(4): Common access (pool) resources
Unit 2.9: Public goods
Unit 2.10: Asymmetric information (HL)
Unit 2.11(1) Market power - Theory of production and costs (HL)
Unit 2.11(2) Market power - Perfect competition(HL)
Unit 2.11(3) Market power - Monopoly(HL)
Unit 2.11(4) Market power - Monopolistic competition(HL)
Unit 2.11(5) Market power - Oligopoly(HL)
Economics real world examples and extension material

Opportunity cost and production possibility curves
Demand theory
The price mechanism
Market demand and supply
Demerit goods
Market failure and climate change
Market power
Applying game theory

Chapter 3: Macroeconomics

Unit 3.1(1): Measuring the level of economic activity
Unit 3.1(2): Measuring Economic Development
Unit 3.2(1): Variations in economic activity - aggregate demand (AD)
Unit 3.2(2): Variations in economic activity - aggregate supply(AS)
Unit 3.3(1) Macroeconomic objectives: economic growth
Unit 3.3(2) Macroeconomic objectives: unemployment
Unit 3.3(3) Macroeconomic objectives: inflation and deflation
Unit 3.4(1) Economics of inequality and poverty
Unit 3.4(2) Policies to improve equality, equity and poverty
Unit 3.5 Government management of the economy – monetary policy
Unit 3.6 Government management of the economy – fiscal policy
Unit 3.7(1) Market based supply-side policies
Unit 3.7(2) Interventionist supply-side policies
Economics real world examples and extension material

Measuring economic well-being
Inflation
Inequality
Inequity

Chapter 4: The Global Economy

Unit 4.1 Benefits of international trade
Unit 4.2/4.3 Trade protectionism
Unit 4.4 Economic integration
Unit 4.5 Exchange rates
Unit 4.6 Balance of payments
Unit 4.7 Sustainable development
Unit 4.8 Measuring development
Unit 4.9 Barriers to economic development
Unit 4.10: Economic growth and economic development strategies
Economics real world examples and extension material

Foreign currency
Exchange rates
Balance of payments
Economic development

Units 1-2: Microeconomics

Unit 1: Introduction to economics

Introductory activity
Unit 1.1: Scarcity, choice and opportunity cost

Factors of production

Economic systems

Public and private sectors

Unit 1.2: Economics as a social science
Circular flow of national income
Unit 1: Review terms
Introduction to economics crossword
Unit 1: Multiple choice quiz

Unit 2.1-2.3: Competitive markets - demand and supply

Unit 2.1: Demand

Determinants of demand

Unit 2.2: Supply

Changes to supply and demand
Practise exercises
Gold exchange game: Demand and supply

Unit 2.3: Competitive market equilibrium

Producer and consumer surplus

Veblen goods and super luxury goods

Are Cryptocurrencies the new Tulipmania?

Unit 2.1-2.3: Multiple choice quiz

Unit 2.4: Consumer and producer behaviour (HL only)

Behavioural economics: Consumer biases / nudge theory (HL only)
Business objectives (HL only)
Unit 2.1-2.4: Review terms

Unit 2.5-2.6: Elasticity

Unit 2.5: Price elasticity of demand

Determinants of price elasticity
PED elasticity and sales revenue?

Unit 2.5: Income elasticity of demand (YED)
Unit 2.6: Price elasticity of supply

Perfectly elastic / inelastic supply curves

A mathematical note about elasticity
Demand and supply crossword
Unit 2.5-2.6: Review terms
Unit 2.5-2.6: Multiple choice quiz
Unit 2.1- 2.5: Competitive markets quiz

Unit 2.7: The role of government in microeconomics

Indirect taxation

PED and the burden of tax (HL only)

Government subsidies
Unit 2.7: Indirect tax and subsidy review terms
Price controls − maximum price
Minimum price
Minimum wage
Labour market crossword
Unit 2.7: Price controls review terms

Unit 2.8-2.10: Market failure

Unit 2.8: Merit goods
Unit 2.8: Demerit goods / negative externalities
Market failure crossword
Unit 2.9: Economics of the environment and public goods
Unit 2.10: Asymmetric information (HL only)
Unit 2.8-2.10: Market failure review sheet
Unit 2.8-2.10: Market failure review terms
Unit 2.7-2.10: Multiple choice quiz
Unit 2.7-2.10 Government failure revision quiz

Unit 2.11: Market power (HL only)

Assessment map
Production (HL only)
Revenue theory (HL only)
Costs of production (HL only)

Economies and diseconomies of scale (HL only)
Long run average cost curves (HL only)
Breakeven (HL only)

Economic profit (HL only)
Market power crossword
Revision exercise on cost and revenue (HL only)
Unit 2.11: Costs, revenue and profit review sheet (HL only)
Unit 2.11: Multiple choice quiz (SL units)
Market structures (HL only)
Perfect competition (HL only)

Profit in perfect competition (HL only)
Efficiency in perfect competition (HL only)

Monopoly (HL only)

Profit and revenue maximisation in monopoly (HL only)
A comparison of monopoly and perfect competition? (HL only)

Monopolistic competition (HL only)
Oligopoly (HL only)

Game theory (HL only)

Unit 2.11: Market structures review sheet (HL only)
Unit 2.11: Diagram revision
Unit 2.11: Multiple choice quiz (HL only)

Unit 2.12: The market’s inability to achieve equity (HL only)

Unit 3: Macroeconomics

Unit 3.1: Measuring economic activity and illustrating its variations

Calculating national income
GDP / GNI as a measure of living standards
National income statistics
The business cycle
Unit 3.1: Economic activity review sheet

Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply

Aggregate demand and supply
Components of aggregate demand
Equilibrium in macroeconomics (neo-classical perspective)
Equilibrium in macroeconomics (keynesian perspective)
John Maynard Keynes
Keynesian v free market debate
Changes in the long run aggregate supply
Unit 3.2: Aggregate demand and supply review sheet

Unit 3.5 and 3.6: Demand management - fiscal and monetary policy

Government budget
Fiscal policy
Multiplier (HL only)
Monetary policy
Independent central banks
Unit 3.5 and 3.6 review sheet

Unit 3.7: Supply side policies

The role of supply side policies
Market based and interventionist supply side policies
Aggregate demand and supply crossword
Unit 3.7: Review sheet
Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz

Unit 3.1-3.2 and 3.5-3.7: Revision quiz
Unit 3.3: Macroeconomic objectives

Unemployment

Types of unemployment?
Equilibrium unemployment
Disequilibrium unemployment
Unemployment review sheet

Inflation

Measuring inflation (HL only)
Costs of inflation and deflation
Inflation review sheet

Unemployment v inflation trade off (HL only)
Macroeconomic objectives crossword
Unit 3.3: Macroeconomic indicators revision quiz

Unit 3.4: Economics of inequality and poverty

Inequality
The role of spending and taxation on inequality
Consequences of economic growth
Economic growth and inequality review sheet
Unit 3.3-3.4: Multiple choice

Unit 4: Global economy

Unit 4.1: Benefits of international trade

Benefits of international trade
Absolute and comparative advantage (HL only)

Unit 4.2-4.3: Trade protection

Barriers to trade (calculations are HL only)
Case study on Tata Steel
The Defence industry
Unit 4.1-4.3: Review sheet

Unit 4.4: Economic integration

Economic integration (some HL tasks)
World trade organisation (WTO)
Unit 4.4: Review sheet

Unit 4.5: Exchange rates

Floating exchange rates
Fixed / managed exchange rate systems (some HL tasks)
The market for foreign exchange
Unit 4.5: Review sheet

Unit 4.6: Balance of payments

Balance of payments
Current account (HL only)
The Marshall-Lerner condition / J curve (HL only)

Units 4.1-4.6: Multiple choice quiz
Unit 4.1-4.6: Multiple choice quiz II
Unit 4.1-4.6: International trade crossword
Unit 4.7: Sustainable development

Water scarcity activity
Sustainable development

Unit 4.8: Measuring development

Measuring development
Economic development
Unit 4.7-4.8: Review sheet

Unit 4.9: Barriers to development

Barriers to development in International trade

Unit 4.10: Economic growth and/or economic development strategies

The role of domestic factors
The role of international trade and development
The role of foreign direct investment (FDI)
The role of foreign aid
Multilateral development assistance
The role of international debt
The balance between markets and intervention
Unit 4.9 - 4.10: Review sheet

Assessment

Internal assessment

How to write your IA? (student handout)
How to interpret the assessment criteria?
Grading practise

Sample 3a

Sample 3b

Assessment markbands

Exam style questions

Paper 1 style examination questions

Unit 2.11-2.12 questions

Paper 1 guidance on essay writing

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