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IB ECONOMICS Syllabus outline by krl73146


									IB ECONOMICS: Syllabus outline
Section 1: Introduction to economics (scarcity, opportunity cost, PPF, economic
Section 2: Microeconomics
 2.1 Markets (competition, monopoly, demand, supply, price controls)
 2.2 Elasticities (PED, Income elasticity, Cross-price elasticity, PES)
 2.3 Theory of the firm (higher level only)
 2.4 Market failure (externalities, merit/demerit goods, government intervention)
Section 3: Macroeconomics
 3.1 Measuring national income (GNP/GDP, circular flow)
 3.2 Introduction to development
 3.3 Macroeconomic models (AS, AD, inflationary gap, deflationary gap
 3.4 Demand-side and supply-side policies (fiscal, monetary, & supply-side policies)
 3.5 Unemployment and inflation (types of unemployment, cost-push v. demand pull)
 3.6 Distribution of income (taxation, transfer payments)
Section 4: International economics
 4.1 Reasons for trade
 4.2 Free trade and protectionism
 4.3 Economic integration (trading blocs, free-trade areas, customs unions, etc)
 4.4 World Trade Organization (WTO)
 4.5 Balance of payments
 4.6 Exchange rates
 4.7 Balance of payment problems
 4.8 Terms of trade
Section 5: Development economics
 5.1 Sources of economic growth and/or development
 5.2 Consequences of growth
 5.3 Barriers to economic growth and/or development
 5.4 Growth and development strategies
 5.5 Evaluation of growth and development strategies

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