Economics is concerned with the study of how scarce resources are allocated, given the unlimited wants of a society. These are scarcity, choices, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. Explain how the AD curve can be shifted by changes in investment due to factors including interest rates, business confidence, technology, business taxes and the level of corporate indebtedness. The proposed IB Economics course has at least the following changes: *Nine new concepts to be taught: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. IB ACIO syllabus for Tier I comprise topics from General Awareness, Quantitative Aptitude, Numerical/Analytical/Logical Ability & Reasoning, English Language and General Studies. At the heart of economic theory is the problem of scarcity. This is a complete diagram review for IB Economics SL External Assessment. Each article must be based on a different section of the syllabus. Explain, using a diagram, that cyclical unemployment is caused by a fall in aggregate demand. 2020 IB Economics Exam Cancelled Due to COVID-19 Because of the COVID-19 (coronavirus) pandemic, all IB exams for May 2020 have been canceled and coursework deadlines have been extended for schools that have closed. (HL ONLY), Using exchange rates, calculate the price of a good in different currencies. See how other students and parents are navigating high school, college, and the college admissions process. Explain why the PES for primary commodities is relatively low and the PES for manufactured products is relatively high. (HL ONLY). Explain that in some countries there may be communities caught in a poverty trap (poverty cycle) where poor communities are unable to invest in physical, human and natural capital due to low or no savings; poverty is therefore transmitted from generation to generation, and there is a need for intervention to break out of the cycle. Cambridge International AS & A Level Economics (Second edition) (Hodder Education) Build strong subject knowledge and skills and an international outlook with expert author guidance and in-depth coverage of the revised Cambridge International AS & A Level Economics syllabus (9708). Calculate the multiplier using either of the following formulae: 1/ (1− MPC) or 1/ (MPS + MPT + MPM). Describe a fixed exchange rate system involving commitment to a single fixed rate. Evaluate, using diagrams, the use of policy responses, including market-based policies (taxation and tradable permits), and government regulations, to the problem of negative externalities of production and consumption. 1.2 How do economists approach the world? The proposed IB Economics course has at least the following changes: Nine new concepts to be taught: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. Explain the four components of the current account, specifically the balance of trade in goods, the balance of trade in services, income and current transfers. If you’ll take your IB exams in 2022 (meaning you start the IB Diploma in 2020), you’ll be in the first cohort to study the new economics syllabus! Explain the theory of absolute advantage. Our new student and parent forum, at ExpertHub.PrepScholar.com, allow you to interact with your peers and the PrepScholar staff. Draw a diagram of a price floor, and analyse the impacts of a price floor on market outcomes. Calculate the marginal rate of tax and the average rate of tax from a set of data. (HL ONLY), Calculate the inflation rate from a set of data. Explain how the Gini coefficient is derived and interpreted. "YOUR WEBSITE SAVED MY IB DIPLOMA!" This IB Economics study guide is organized according to the IB Economics Syllabus. Explain, using a diagram, that the monetarist/new classical model of the longrun aggregate supply curve (LRAS) is vertical at the level of potential output (full employment output) because aggregate supply in the long run is independent of the price level. Explain, using a diagram, the gains from trade arising from a country's absolute advantage in the production of a good. Draw diagrams to show changes in the demand for, and supply of, a currency. 19 Full PDFs related to this paper. Distinguish between GDP per capita figures and GNI per capita figures. Discuss the limitations of interventionist policies, including excessive bureaucracy, poor planning and corruption. Explain, using a diagram, that structural unemployment is caused by changes in the demand for particular labour skills, changes in the geographical location of industries, and labour market rigidities. Explain, using examples, that economically less developed countries differ enormously from each other in terms of a variety of factors, including resource endowments, climate, history (colonial or otherwise), political systems and degree of political stability. FREE PREVIEW; 9781921917028, Economics - the Good the Bad and the Economist, 3rd Edition. Old IB Diploma Economics Resources (2013 Syllabus) 9781447990673, IB Economics + eText bundle. Subscribe to https://www.bradcartwright.com. The syllabus for all these streams is common for both phase 1 & 2. ! Section 4: Development economics 4.1. Ekam nanda. Draw a Keynesian AD/AS diagram to show the impact of the multiplier. International economics ! What SAT Target Score Should You Be Aiming For? Explain how investment in education and training will raise the levels of human capital and have a short-term impact on aggregate demand, but more importantly will increase LRAS. Explain that economists measure a core/underlying rate of inflation to eliminate the effect of sudden swings in the prices of food and oil, for example. (HL ONLY). Plot demand and supply curves for a product from linear functions and then illustrate and/or calculate the effects of the provision of a subsidy on the market (on price, quantity, consumer expenditure, producer revenue, government expenditure, consumer surplus and producer surplus). Microeconomics ! (HL ONLY), Calculate from diagrams the effects of setting a quota on foreign producers on different stakeholders, including domestic producers, foreign producers, consumers and the government. What the IB economics syllabus doesn’t teach you: An insight into the field of behavioral economics If you open up the first few pages of an IB economics textbook, you will doubtless come across the word “rational”, in the context of explaining how economic agents (buyers and sellers, households and firms) interact. Development economics Rubric requirements! Outline that the income flow is numerically equivalent to the expenditure flow and the value of output flow. Explain how factors including the progressive tax system and unemployment benefits, which are influenced by the level of economic activity and national income, automatically help stabilize short-term fluctuations. Explain the term transfer payments, and provide examples, including old age pensions, unemployment benefits and child allowances. Explain, using a diagram, that the Keynesian model of the aggregate supply curve has three sections because of "wage/price" downward inflexibility and different levels of spare capacity in the economy. Analyse data on relative income shares of given percentages of the population, including deciles and quintiles. Explain, using a diagram, how the AS curve in the short run (SRAS) can shift due to factors including changes in resource prices, changes in business taxes and subsidies and supply shocks. For example, The core of the economic theories are based on important assumptions such as ceteris paribus and students must be able to raise inquiry by challenging themselves to obtain evidence with respect to economic theories, explain how they support the evidence and finally understand limitations of the theories, if any. It is a study of both the way in which individuals and groups interact in an organisation and of the transformation of resources. Explain the theory of comparative advantage. She loves watching students succeed and is committed to helping you get there. Explain the determinants of PES, including time, mobility of factors of production, unused capacity and ability to store stocks. The proposed IB Economics course has at least the following changes: Nine new concepts to be taught: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. IB Economics Complete Syllabus w/ Conventions . Important IB Economics concepts such as the overall total levels of employment, investment, exports and imports are studied. Current Activities. Explain that the (absolute) value of XED depends on the closeness of the relationship between two goods. Discuss the possible consequences of economic growth, including the possible impacts on living standards, unemployment, inflation, the distribution of income, the current account of the balance of payments, and sustainability. Explain how policies that encourage research and development will have a short-term impact on aggregate demand, but more importantly will result in new technologies and will increase LRAS. Developed in cooperation with the IB, our bestselling Course Book has been revised and updated to provide the most comprehensive support for the new DP Economics syllabus, for first teaching in September 2020. If you're looking for a more in-depth idea of what you'll be learning, we've also included tables that break down certain subtopics in more detail. DP3106 Published November 2010 Updated November 2011 International Baccalaureate Peterson House, Malthouse Avenue, Cardiff Gate Identify producer surplus on a demand and supply diagram. Discuss the possible advantages and disadvantages of a monetary union for its members. Examine the significance of PED for government in relation to indirect taxes. Examine, using diagrams, the impacts of changes in the long-run equilibrium. Explain, using the Keynesian AD/AS diagram, that the economy may be in equilibrium at any level of real output where AD intersects AS. Text books. Below is the IB Economics syllabus for SL and HL. Show that substitute goods have a positive value of XED and complementary goods have a negative value of XED. Distinguish between absolute poverty and relative poverty. FREE PREVIEW Compare and contrast the GDP per capita figures and the GNI per capita figures for economically more developed countries and economically less developed countries. The course is taught using the triangulation of the above mentioned Concepts by linking it with the content (economic theories, tools and techniques in the syllabus) and eventually linking it with the Context ( case studies and real life examples). Lecture Slides. Distinguish, with reference to YED, between necessity (income inelastic) goods and luxury (income elastic) goods. Distinguish between progressive, regressive and proportional taxation, providing examples of each. Explain, using a diagram, how a fixed exchange rate is maintained. Explain that the value of an exchange rate in a floating system is determined by the demand for, and supply of, a currency. Explain that the lack of a pricing mechanism for common access resources means that these goods may be overused/depleted/ degraded as a result of activities of producers and consumers who do not pay for the resources that they use, and that this poses a threat to sustainability. Economic Terms and Glossary. Discuss the possible consequences of a high inflation rate, including greater uncertainty, redistributive effects, less saving, and the damage to export competitiveness. • Discuss the consequences of imposing an indirect tax on the stakeholders in a market, including consumers, producers and the government. Explain that targeting specific industries through policies including tax cuts, tax allowances and subsidized lending promotes growth in key areas of the economy and will have a short-term impact on aggregate demand but, more importantly, will increase LRAS. In these notes, questions by question, I answer everything that might come up in the exam. In this article, I'll discuss each of the topics covered in IB Standard Level and IB Higher Level, the number of hours dedicated to each topic, and what the IB expects you to understand in each topic. IB ACIO syllabus 2020-21 outlines the topics that candidates need to prepare for the exam. A Comprehensive Guide. Compare and contrast GDP per capita figures and GDP per capita figures at purchasing power parity (PPP) exchange rates for economically more developed countries and economically less developed countries. Draw diagrams to show the difference between movements along the demand curve and shifts of the demand curve. Describe the sources of comparative advantage, including the differences between countries in factor endowments and the levels of technology. Describe, using examples, the meaning of frictional, structural, seasonal and cyclical (demand-deficient) unemployment. Explain the concepts of trade creation and trade diversion in a customs union. Evaluate the possible economic consequences of a change in the value of a currency, including the effects on a country's inflation rate, employment, economic growth and current account balance. IB Economics Complete Syllabus w/ Conventions . The economics course will be changing for first assessment in 2022. Evaluate government policies to deal with the different types of inflation. With reference to specific examples, explain how the following factor is a barrier to development for economically less developed countries. Discuss the negative outcomes of market-oriented strategies, including market failure, the development of a dual economy and income inequalities. Welcome to TN economics blog, founded by Terry Ng. Examine the possible consequences of a price floor, including surpluses and government measures to dispose of the surpluses, inefficient resource allocation and welfare impacts. Explain that gains from trade include lower prices for consumers, greater choice for consumers, the ability of producers to benefit from economies of scale, the ability to acquire needed resources, a more efficient allocation of resources, increased competition, and a source of foreign exchange. Explain why, in the monetarist/new classical approach, while there may be short-term fluctuations in output, the economy will always return to the full employment level of output in the long run. It has been written and edited by examiners and experienced teachers. Features Complete coverage of the new IB DP Economics syll Explain, with reference to the free rider problem, how the lack of public goods indicates market failure. Dora received a full-tuition merit based scholarship to University of Southern California. Describe, using a diagram, the circular flow of income between households and firms in a closed economy with no government.