Ib economics Study guides, Revision notes & Summaries

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

IB economics international economics SL 2023 free trade - Answer-trade between countries that has no protectionist policies WTO (World Trade Organisation) - Answer-the organisation facilitates and governs international trade between all its members protectionism - Answer-any policy aimed at protecting domestic producers from imports tariff - Answer-a tax on imports administrative barriers - Answer-bureaucratic barriers to restrict trade national security - Answer-protecting domestic pro...

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

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.

IB Economics Diagrams for Exam Prep |UPDATED| Negative Externalities The government will increase MPC to match MSC. Effects of indirect taxes on consumer and producer surplus Market Demand Movement on curve vs. shift of curve (demand/supply same concept) Market supply Market equilibrium Consumer/producer surplus in competitive market How does a change in demand single price change? Inelastic PEDcurve Elastic PED curve Unit elasticity (PED=1) Varying PED along a demand curve As yo...

Exam (elaborations) ECS1601 - Economics IB (ECS1601)

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...

AQA GCSE ECONOMICS Paper 1 How Markets Work Wednesday 17 May 2023 Afternoon Time allowed: 1 hour 45 minutes Materials You will need no other materials. You may use a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • You must answer the questions in the spaces provided. Do not write on blank pages. • If you need extra space for your answer(s), use the lined pages at the end o...