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 HL 2023 Ceteris paribus - ANS-all other things are being held equal positive economics - ANS-matters of economics that can be proven to be right or wrong by looking at the facts normative economics - ANS-matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity - ANS-the limited availability of economic resources relative to societys unlimited demand for goods and services land - ANS-the physical factor of producti...

Complete list of real world examples covering the whole unit 3 of the IB HL Economics course. Excellent to use in Paper 1, for the 15-mark question, that requires to include examples from the real world. The document offers examples for all topics. The document was written in 2022, so most examples are very current (including Brexit and Covid), while others are more historical (1973 oil embargo and DeBeer's monopoly). The document originally included all 4 units, so the first page of this docu...

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...

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...

ECS1601Test bank with answers Economics, past exam papers Exam-Pack-Index From 2017-2022, assignment 1, assignment 2, .. ..complete solutions 1 ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, …. 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms Th...

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