What are the causes and impacts of a decline in economic activity? Government Intervention This section of the IB Economics course examines the three main types of government intervention in the market: indirect taxes, subsidies and price controls. Explain an example of a government revenue source that is not a tax. 21st Century Economics Blog IB Key Concepts Intervention The Beer Game Posted onJune 17, 2021.byHenny. This IB Economics study guide is organized according to the IB Economics HL syllabus and IB Economics SL syllabus. By learning the skills essential for economics students can apply more easily various economic theories, models, ideas and tools to real world examples. What kinds of government intervention might be effective in supporting firms or the unemployed? . Much of the content will be familiar to teachers, though there are some additions, such as the introduction of behavioural economics. Page 13 of the new economics guide highlights the role that economic skills play in the "study of DP economics .. reflecting the subjects distinctive approach". Fundamentally, economics uses models and theories to examine the choices made by society at different levels, and that remains a constant. These are scarcity, choices, efficiency, equity, economic well-being, sustainability, change, interdependence, and intervention. 40 teaching hours for SL, 70 hours for HL where you'll study measures of economic activity, macroeconomic objectives, demand-side policies, and supply-side policies. Facebook EconIBsts has been envisioned as a resource specifically designed for the new IB Economics course - first teaching in 2020 and first assessment in 2022. Which elasticity of demand is the steeper slope and is less responsive to the quantity demanded is to a change in the prevailing price. 45 teaching hours for SL, 65 hours for HL where you'll study the benefits of international trade, protectionism, exchange rates . It is divided into 5 sections, outlined below. Your web companion for the new IB Economics course '20. No two commentaries can be from the same . The course addresses many of the key issues and challenges facing individuals and societies today. \text{Working conditions:}\\ Engage with this resource, spend time on it. However, EconIBsts is not affiliated or endorsed by the IB. which are specifically designed for self study and revision. These concepts are recurring themes throughout the course, connecting discrete topics. Following on from this, it made sense that assessment components were holistic, as real world issues cannot be boxed into certain units or topics. The following are key concepts/big ideas in economics: Scarcity results in choices with opportunity costs Values influence economic choices Markets provide incentives and ration scarce resources Perfectly competitive markets are efficient Market failure may require government intervention The benefits of market activities may not be equitable Find resources which includes Sample Papers, Sample IAs, Samples EEs Distributed Among 128+ files which will act as your secret weapon to ace your IB Economics HL exam. . $$ Explain that the problem of limited resources being . 2022 IB Exam Changes Due to COVID-19 Because of the ongoing COVID-19 (coronavirus) pandemic, the IB has decided to extend the adaptations which were put in place for 2021 to 2022. Does Shelby's point negate Carmelo's? Unit 1.2: How do economists approach the world? The correct answers for the worksheet are as follows: Scarcity Choices Scarcity Sustainability Scarcity Efficiency Equity Economic well-being Intervention Equity Economic well-being Intervention Interdependence By learning the skills essential for economics students can apply more easily various economic theories, models, ideas and tools to real world examples. Obviously, the movie theater doesn't charge more when demand for the movie is higher than when it is lower." This would make clear what the job would involve. \text{To arrange all shelf displays}\\ Explain scarcity. The resource is entirely based on the IB economics curriculum. Even though most students have a firm grasp of the economic concepts, they may still find it challenging to write an Economics essay under timed conditions. Shelby counters by saying, "Movie theaters often call the more popular movies 'special engagements' and do not accept any discount tickets for them." In one of our last sessions we set the book aside and explored the complexity of the supply chain. If you are an IB World School or an IB student and you wish to share your story with us, please write to us at communications@ibo.org. Legal How does society make choices about how to allocate vital goods and services such as masks, ventilators and vaccines? In addition, students will develop the knowledge, skills, values and attitudes that will encourage them to act responsibly as global citizens. . They will not be under the misconception that there are easy, single ways of approaching these. Concept of fairness when it comes to opportunities, distribution of income Ability of present generation to meet its needs without compromising the ability of later generations to do so. You have to make economic choices as to how to allocate limited resources. About us He decided to write out a job description (see below) which he would give to all the people who applied for the job. Unit 1: Introduction to Economics10 Hours for SL and 10 Hours for HL 1.1 What Is Economics? Make a list of the important tasks and responsibilities Bill still has to perform himself. \text{To be responsible for ordering all goods from suppliers}\\ Micro, Macro or International Trade. The recent COVID-19 (Coronavirus) pandemic highlights many of the types of issues covered in the course: Students will learn to apply economic thinking to real word issues and will understand the complexity of these issues. This exercise will allow students to review their understanding of the nine key concepts of the course. Bill was exhausted. \text{Job description}\\ Toni was invited to join the DP economics curriculum review in its first year and worked with the team throughout the process. Government intervention is regulatory action taken by government that seek to change the decisions made by individuals, groups and organisations about social and economic matters.Government intervention is any action carried out by the government that affects the market with the objective of changing the free market equilibrium / outcome. In addition to this, HL students study theory of the firm. Some teachers have asked about the addition of the key concepts and how they will be assessed. We hope this will serve as a directory of our Economics resources for IB Economics students in Year 1 and Year 2. The resource is constantly being developed with new topics going live on a weekly basis. Try doing all the exercises and think about the reflective questions. Your IB Economics commentaries should be based on all 3 parts of your economics coursework, i.e. Explain. Unit 4: Exam style questions global economics, Real-world examples (for paper one enrichment), Demand, supply, PED and barriers to entry, The market for a demerit good and government policy, Signalling and incentive functions of price and maximum price, The signalling, incentive and rationing functions of price, Asymmetric information and monopolistic competition, Elasticity, barriers to entry and oligopoly, Inflation, economic development and currency depreciation, The benefits of free trade and comparative advantage, Sustainable economic development and the circular economy, Barriers to economic development, inflation, market failure and exchange rates (HL and SL), Demand and supply, markets, resource allocation and market failure (HL and SL), Economic growth, recession, demand and supply, FDI(HL and SL), Economic well-being, equality, equity, progressive taxation and government spending (HL and SL), Demand, utility, PED and the price mechanism (HL), Merit goods, elasticity, production possibility curves (HL and SL), Resource allocation, demand and supply, market equilibrium and market failure (HL and SL), Economic growth, consumption, investment, aggregate demand and measuring quality of life (HL and SL), Changes in AD, markets, market failure and economic development (HL and SL), Sustainability, investment, the multiplier, PED and market failure (HL and SL), Measuring national income, fiscal and monetary policy, demand theory and subsidies (HL and SL), Demand and supply theory, resource allocation, economic growth, aggregate demand and aggregate supply (HL and SL), Measuring economic growth, AD and AS, demand and resource allocation (HL and SL), Inflation, exchange rates, development and externalities(HL and SL), Market failure, equality, trade and development (HL and SL), Economic growth, unemployment, market failure and exchange rates. Breaking the cycle of poverty in Ethiopia, Development and market failure (HL and SL), Paper 2 guidance on writing the data response paper, Paper 3 question on market equilibrium (HL only), Paper 3 question on revenue, profits, PED and price controls, Paper 3 question: Demand and supply elasticity, Paper 3 question on indirect taxation (HL only), Paper 3 question on government intervention (HL only), Paper 3 question: USA's new tax regime (HL only), Paper 3 sample question on positive externalities, income elasticity of demand, the Engel curve and common-pool resources, Paper 3 question on subsidy and taxes (HL only), Paper 3 question on utility, demand theory and market failure (HL only), Paper 3 question on revenue and costs (HL only), Paper 3 question market structures (HL only), Paper 3 question on perfect competition, revenues, costs, profits and positive externalities, Paper 3 question on demand theory, PED, revenue, oligopoly and market power (HL only), Paper 3 question on calculating national income (HL only), Paper 3 question economic activity (HL only), Paper 3 question: Measuring national income, inflation, YED and positive externalities, Paper 3 question on unemployment, deflationary gaps and the multiplier, Paper 3 question on GDP, economic growth, the multiplier and supply side policies, Paper 3 question: Measuring real GDP, measuring economic growth, business cycle, maximum prices and housing market policies, Paper 3 style question macroeconomics (HL only), Paper 3 question on inflation, price indices, exchange rates and policies to deal with inflation, Paper 3 question: Subsidies, macroeconomic indicators and equity, Paper 3 type question on tariffs and quotas, Paper 3question on exchange rates (HL only), Paper 3 question on balance of payments (HL only), Paper 3 question on balance of payments and exchange rates (HL only), Paper 3 question on trade creation and diversion, Paper 3 question: Trade agreements, tariffs, balance of payments current accounts and supply policies, Paper 3 question on development (HL only), Paper 3 question on economic development (HL only), Paper 3 question on economic recovery in LEDCs (HL only), Paper 1: Extended response paper HL and SL (g), Paper 1: Extended response paper HL and SL (h), Paper 1: Extended response paper HL and SL (i), Paper 1: Extended response paper SL and HL (j), Paper 2: Economic development HL and SL (a), Paper 2 Extended response paper: Trade barriers (c), Paper 2 Extended response paper: Development (d), Paper 3: Subsidies, macroeconomic indicators and equity HL, The impact of deteriorating TOT for LEDCs (HL only). At the top of each unit you will find a short 5-7 minute video review of each topic. LinkedIn, IBDP Maths: Applications & Interpretation, Giving students access to the Inthinking site, How to use this site to help you teach the course, Cross elasticity of demand (old syllabus), Terms of trade (HL only) old syllabus unit 3.5, Suggested pathways for the new curriculum, Textbook approach to the new IB Economics examination specification. \text{To help serve customers} & \text{ }\\ 4. If you enjoyed this story, consider reading more below: approaches to learning, Diploma Programme, International Baccalaureate Organization, A Thank You letter to my Spanish and Chinese language teachers, From Transoceanic to Transcontinental: Moving to New Places, Sight Unseen, Creating the next generation of world leaders. It challenges the assumption that actors will always make rational choices with the aim of maximizing utility. This section of the IB Economics course examines the three main types of government intervention in the market: indirect taxes, subsidies and price controls. We see these around us and in the news on a daily basis. Economics concepts Page 13 of the new economics guide highlights the role that economic skills play in the "study of DP economics . reflecting the subject's distinctive approach". Definitions for IHS IB SL Economics (2013) These should serve as a good review tool for your assessments. IB Economics.online 2022 Syllabus, Notes and Videos. InThinking Subject Sites for teachers & their classes, Only teachers can take out free trials or subscriptions to our subject sites at IB Economics HL. Fighting Against Sugary Drinks With Information. He thought carefully about what work he would want the assistant to perform. To what extent can governments sustain large debts? Students will learn to apply economic thinking to real word issues and will understand the complexity of these issues.. | Limited availability of resources relative to society's unlimited demand for goods and services. (HL and SL). We have summarised the Economic concepts from the IB Economics syllabus, and linked our IB Economics notes and questions to key topics on this page. economics for the ib diploma: teacher's resource Brief review of Chapter 1 Chapter 1 is an introduction to the subject and method of economics. It also helps them to synthesize information and evaluate arguments. This involves skills such as connecting news articles to relevent theories and explaining the key assumptions that emerge. . Alexander Holmes, Barbara Illowsky, Susan Dean, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. How would you summarize the results for equilibrium price and equilibrium quantity? IB Economics is a stimulating and interactive, online teaching and learning resource that offers comprehensive coverage of the Economics syllabus for the International Baccalaureate Diploma Programme, including Standard (SL) and Higher (HL) Level topics. IB Economics Assessment Paper 1 (SL/HL) - With a time allotment of 1 hour and 15 minutes, students will choose one out of three questions to answer. So instead of writing "money" write "consumption" or "expenditure" or "spending." This will help to convince the reader you are familiar with the subject. The key concepts in the IB economics guide are: Scarcity Choice Efficiency Equity Economic well-being Sustainability Change Interdependence Intervention Example of the use of the key concept in the textbook Thinking about a key concept - Sustainability The theory of negative externalities can be closely related to sustainability. Together, these components help students to acquire a holistic and integrated understanding of economics as a discipline. Unit 2.5(1): Price elasticity of demand (PED), Unit 2.5(2): Income elasticity of demand (YED), Unit 2.6: Price elasticity of supply (PES), Unit 2.7(1): Governments in markets - tax and subsidy, Unit 2.7(2): Governments in markets - price controls, Unit 2.8(1): Market Failure Externalities, Unit 2.8(2): Market failure - merit goods and demerit goods, Unit 2.8(3): Government intervention to manage externalities, merit and demerit goods, Unit 2.8(4): Common access (pool) resources, Unit 2.11(1) Market power - Theory of production and costs (HL), Unit 2.11(2) Market power - Perfect competition(HL), Unit 2.11(4) Market power - Monopolistic competition(HL), Unit 2.11(5) Market power - Oligopoly(HL), Economics real world examples and extension material, Unit 3.1(1): Measuring the level of economic activity, Unit 3.1(2): Measuring Economic Development, Unit 3.2(1): Variations in economic activity - aggregate demand (AD), Unit 3.2(2): Variations in economic activity - aggregate supply(AS), Unit 3.3(1) Macroeconomic objectives: economic growth, Unit 3.3(2) Macroeconomic objectives: unemployment, Unit 3.3(3) Macroeconomic objectives: inflation and deflation, Unit 3.4(1) Economics of inequality and poverty, Unit 3.4(2) Policies to improve equality, equity and poverty, Unit 3.5 Government management of the economy monetary policy, Unit 3.6 Government management of the economy fiscal policy, Unit 3.7(1) Market based supply-side policies, Unit 3.7(2) Interventionist supply-side policies, Unit 4.9 Barriers to economic development, Unit 4.10: Economic growth and economic development strategies, Unit 1.1: Scarcity, choice and opportunity cost, Unit 2.1-2.3: Competitive markets - demand and supply, Unit 2.4: Consumer and producer behaviour (HL only), Behavioural economics: Consumer biases / nudge theory (HL only), Unit 2.5: Income elasticity of demand (YED), Unit 2.7: The role of government in microeconomics, Unit 2.7: Indirect tax and subsidy review terms, Unit 2.9: Economics of the environment and public goods, Unit 2.10: Asymmetric information (HL only), Unit 2.8-2.10: Market failure review sheet, Unit 2.8-2.10: Market failure review terms, Unit 2.7-2.10 Government failure revision quiz, Revision exercise on cost and revenue (HL only), Unit 2.11: Costs, revenue and profit review sheet (HL only), Unit 2.11: Multiple choice quiz (SL units), Unit 2.11: Market structures review sheet (HL only), Unit 2.11: Multiple choice quiz (HL only), Unit 2.12: The markets inability to achieve equity (HL only), Units 1+2 Microeconomics quiz (SL units only), Unit 3.1: Measuring economic activity and illustrating its variations, GDP / GNI as a measure of living standards, Unit 3.2: Variations in economic activityaggregate demand and aggregate supply, Equilibrium in macroeconomics (neo-classical perspective), Equilibrium in macroeconomics (keynesian perspective), Unit 3.2: Aggregate demand and supply review sheet, Unit 3.5 and 3.6: Demand management - fiscal and monetary policy, Market based and interventionist supply side policies, Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz, Unemployment v inflation trade off (HL only), Unit 3.3: Macroeconomic indicators revision quiz, Unit 3.4: Economics of inequality and poverty, The role of spending and taxation on inequality, Economic growth and inequality review sheet, Unit 3: Macroeconomics multiple choice quiz, Unit 3: Multiple choice revision questions, Unit 4.1: Benefits of international trade, Absolute and comparative advantage (HL only), Barriers to trade (calculations are HL only), Jo Biden likely to steer the USA to re-join TPP, Fixed / managed exchange rate systems (some HL tasks), The Marshall-Lerner condition / J curve (HL only), Unit 4.1-4.6: International trade crossword, Barriers to development in International trade, Unit 4.10: Economic growth and/or economic development strategies, The role of international trade and development, The role of foreign direct investment (FDI), The balance between markets and intervention, Unit 4.7 - 4.10: Development multiple choice quiz.

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