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IB Economics Notes Chapter 13-15 Exam Questions with 100% Correct Answers | Graded A+ Define 'macroeconomics': - The study of a national economy List the five (5) main macroeconomic variables and their objectives - 1)Economic growth - A steady rate of increase of national output 2)Employment - A low level of unemployment 3)Price stability - A low and stable rate of inflation 4)External stability - A favorable balance of payments position 5) Income distribution - An equitable dist...

This is THE document you need to get a 7 in IB Economics SL. Made by 8 econ students who got a 7 in M24. We have all the graphs, formulae, and definitions in the document. You can use it to preview the course, fill in the gaps in your class note, or for exam preparation. Good luck soldier!

IB Economics Unit 1 Quiz #1-Questions and Answers Graded A+ Economics is the study of - ANSWER-choices Economics is the science of - ANSWER-scarcity Scarcity - ANSWER-we have unlimited wants but limited resources Economics is a social science concerned with: - ANSWER-the efficient use of scarce resources to achieve the maximum satisfaction of economic wants Microeconomics vs. Macroeconomics - ANSWER-Micro- Study of econ on a smaller scale (personal(specific) / local) Macro- Study o...

Actual Output Production of goods and services in a given time period Potential output Possible production of goods or services in an economy if all available factors are employed Actual Growth Occurs where previous unemployment of factors of production are brought into use. It is represented on the PPC curve from a point to another point that is nearer to PPC curve. Potential Growth Occurs when there is an increase in quantity and increase in quality of factors of production. It is r...

Ceteris paribusall other things are being held equal positive economicsmatters of economics that can be proven to be right or wrong by looking at the facts normative economicsmatters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcitythe limited availability of economic resources relative to societys unlimited demand for goods and services

Social Sciencethe study of people in society and how they interact with each other. Economicsthe study of how people use their limited resources to try to satisfy unlimited wants. Microeconomicsthe study of the economic behaviour of households and firms and how prices of goods and services are determined. Positive Statementa statement about what is. This is an expression that can be verified by observation. Normative Statementa statement about what ought to be. This is an expression of...

Scarcity the condition that results from limited resources combined with unlimited wants Opportunity Cost Cost of the next best alternative use of money, time, or resources when one choice is made rather than another Factors of Production resources of land, labor, capital, and entrepreneurship used to produce goods and services Land the physical location where production occurs. Includes bodies of water as well as resources extracted from the earth.

Ceteris paribus - ️️all other things are being held equal positive economics - ️️matters of economics that can be proven to be right or wrong by looking at the facts normative economics - ️️matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity - ️️the limited availability of economic resources relative to societys unlimited demand for goods and services land - ️️the physical factor of production. It con...

IB Economics Notes Chapter 13-15 Define 'macroeconomics': - The study of a national economy List the five (5) main macroeconomic variables and their objectives - 1)Economic growth - A steady rate of increase of national output 2)Employment - A low level of unemployment 3)Price stability - A low and stable rate of inflation 4)External stability - A favorable balance of payments position 5) Income distribution - An equitable distribution of income Describe how saving is a...

IB Economics