IB ECONOMICS REVISION CHECKLIST

TOPIC

UNIT 1 INTRODUCTION TO ECONOMICS

Definitions of social science and economics


W
Ceteris paribus
^









Z
 what to produce? how to produce? for whom to produce?
 


UNIT 2 MICROECONOMICS
2.1 Markets


 using the characteristics of the number of buyers and

/
Demand

>diagrammatic analysis

&

-
sgoods

'
Supply

>


&

Interaction of demand and supply

 to a new

Price controls
D
D
W

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2.2 Elasticities
WW
&

W

s-

Cross-elasticity of demand

&
^
Income elasticity of demand

&
E
/
Price elasticity of supply

&
W


Applications of concepts of elasticity
W
W
-
^ secondary 
economic growth occurs
,
&ad valorem
/
/
2.3 Theory of the firm
,
Cost theory
d-run and long-
d

Short-run
>
d
^-
>-run


>-
Z
d
D

Profit
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W
and marginal cost
W

Perfect competition


Profit--run and long-run
d-run and normal profits in the long-run
^--


Monopoly

^
E

W-


Monopolistic competition

^-run and long-
Wdifferentiation

Oligopoly

-

<
/ of non-price competition
d
Price discrimination

Z
E
Wproducer or the consumer
2.4 Market failure
Reasons for market failure
W
^-term and long-
>of public goods
h
K

W
>

d
^
Tradable permits

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/

UNIT 3 MACROECONOMICS
3.1 Measuring national income
income
D




per capita
/


'W'W'EW'EW
>'Wbetween countries


W
3.3 Macroeconomic models
components

-run
-<-
&

/


3.4 Demand-side and supply-side policies
^-side policies


^-side policies
^
,
D



3.5 Unemployment and inflation
Unemployment
&
h

d



-deficient

D
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Inflation






,
Dmeasuring inflation
W
W
-run
-run
E
E-/ZhE/Zh
3.6 Distribution of income

/
W
W
Z
d
,
>
>'

UNIT 4 /EdZEd/KE>KEKD/^

4.1 Reasons for trade


s
'
W
,
 


&
Definition of free trade
Types of protectionism
d
Y
^
sZsZ

,

Arguments for protectionism
/

Protection of employment
^
^
D

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-dumping
Arguments against protectionism
/
-run reliance on protectionist methods
/
d
4.3 Economic integration
'
Trading blocs
&&d


,
d
K


tdKtdK

^
4.5 Balance of payments



account

&
&
D




trade flow




,
Z

WWWW
4.7 Balance of payment problems

D
rates
-reducing policies
-
-switching policies

,
D->
:-

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4.8 Terms of trade



domestic economy
d
,
D
-run and long-run


hE/ds>KWDEdKEKD/^

^
E
,resources
W
/




political stability


/
^

W* * * low incomes
Institutional and political factors







International trade barriers




/
indebtedness
-

^




'
,-Domar growth model
^
d

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--oriented strategies
/-

&
D-credit schemes
&
^



-
d
/D&/D&
World Bank

-E'K
DEdE


Happy Revision

PLEASE NOTE: This revision checklist as per the ib economics syllabus

2005 [last exam 2012]

Adopted from IB Economics Guide 2005 .... brought to you by www.dineshbakshi.com