IB Economics · SL & HL

IB Economics Resource Library

Unit-by-unit notes and guides — written by an IB Examiner. Free to start, premium to go further.

Resources › IB Economics
Access ✓ Free — Units 1, 2 & 3 ⭐ Premium — Units 4, 5, IA & Exam Papers Click any row to download the PDF
1
Introduction to Economics
SL & HL · 2 subsections
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1.1
What is economics?
Scarcity · Choice · Opportunity cost · PPC
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1.2
How do economists approach the world?
Positive vs normative · Models · Stakeholders
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2
Microeconomics
SL & HL · 9 subsections
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2.1
Demand
Law of demand · Demand curve · Shifts in demand
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2.2
Supply
Law of supply · Supply curve · Shifts in supply
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2.3
Competitive market equilibrium
Equilibrium price · Surplus · Shortage · Disequilibrium
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2.4
Critique of maximising behaviour HL Only
Behavioural economics · Bounded rationality · Nudge theory
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2.5
Elasticity of demand
PED · YED · XED · Calculations & diagrams
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2.6
Elasticity of supply
PES · Determinants · Short-run vs long-run
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2.7
Role of governments in microeconomics
Taxes · Subsidies · Price controls · Maximum & minimum prices
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2.8
Market failure — externalities & public goods
Negative/positive externalities · Public goods · MSC · MSB
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2.9
Market failure — common pool resources & asymmetric information
Tragedy of the commons · Moral hazard HL · Adverse selection HL
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3
Macroeconomics
SL & HL · 7 subsections
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3.1
Measuring economic activity
GDP · GNI · Business cycle · Economic growth
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3.2
Aggregate demand and aggregate supply
AD/AS model · LRAS · SRAS · Keynesian vs monetarist
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3.3
Macroeconomic objectives
Growth · Inflation · Unemployment · Balance of payments · Equity
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3.4
Economics of inequality and poverty
Lorenz curve · Gini coefficient · Absolute vs relative poverty
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3.5
Demand management — monetary policy
Interest rates · Money supply · Central banks · Transmission mechanism
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3.6
Demand management — fiscal policy
Government spending · Taxation · Budget deficits · Multiplier effect HL
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3.7
Supply-side policies
Market-based vs interventionist · Labour market reforms · Privatisation
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International Economics, Development Economics, full IA support, and Paper 1, 2 & 3 exam preparation — all in one premium pack.

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4
International Economics
SL & HL · 7 subsections
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4.1
Benefits of international trade
Absolute & comparative advantage · Terms of trade · World Trade
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4.2
Types of trade protection
Tariffs · Quotas · Subsidies · Administrative barriers
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4.3
Arguments for and against trade protection
Infant industry · Strategic trade · Free trade arguments
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4.4
Economic integration
Free trade areas · Customs unions · Common markets · Monetary unions
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4.5
Exchange rates
Floating vs fixed · Depreciation · Appreciation · Exchange rate systems · Marshall-Lerner condition HL · J-curve HL
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4.6
Balance of payments
Current account · Capital account · Financial account · Deficits · Account sustainability HL
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4.7
Sustainable development and its promotion
SDGs · Environmental sustainability · Green economy · Carbon pricing
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5
Development Economics
SL & HL · 8 subsections
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5.1
Economic development
Growth vs development · HDI · Multidimensional poverty index
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5.2
Measuring development
HDI · GII · Happiness index · Composite indicators
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5.3
The role of domestic factors
Education · Infrastructure · Governance · Institutions · Entrepreneurship
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5.4
The role of international trade
Export-led growth · Trade diversification · Primary commodities
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5.5
The role of foreign direct investment
FDI · MNCs · Benefits & costs · Technology transfer
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5.6
Foreign aid and multilateral development assistance
Types of aid · IMF · World Bank · ODA · Criticisms of aid
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5.7
The role of international debt
Debt crisis · Debt relief · HIPC · Structural adjustment
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5.8
The balance between markets and intervention
Washington Consensus · Market vs state · Case studies
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Assessment Guides
Internal Assessment (IA)
SL: 30% of final grade · HL: 20% of final grade · 3 commentaries · ~800 words each
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IA·1
Choosing the right article
What makes a good article · Linking to syllabus · Common mistakes
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IA·2
Applying economic theory correctly
Diagrams · Theory · Real-world linkage · Avoiding narrative errors
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IA·3
Writing the commentary — structure & criteria
Criterion A–E breakdown · Mark band expectations · Evaluation technique
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IA·4
Examiner checklist — before you submit
Word count · Bibliography · Diagrams · Cover page · Common errors
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External Assessment — Exam Papers
Paper 1 (SL & HL) · Paper 2 (SL & HL) · Paper 3 (HL only)
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P1
Paper 1 — Extended response (SL & HL)
Essay structure · Command terms · Evaluation technique · Model answers
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P2
Paper 2 — Data response (SL & HL)
Reading data · Short-answer technique · Diagram annotations · Mark allocation
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P3
Paper 3 — Policy paper HL Only
Policy recommendations · Stakeholder analysis · Evaluation frameworks · HL extension
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