Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Macroeconomic Objectives Definitions: Economic growth is defined as an increase in real GDP over time; whereas GDP refers to the total value of goods/services […]
IB Economics
31 posts
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Public Goods Definitions: A public good is defined as a good which is non-excludable and non-rivalrous. A good is non-rivalrous if the consumption/use of […]
The new IB Economics syllabus and curriculum for 2020 is listed below, for first assessment in 2022. Y12 students (or new IBDP students) in 2020 will be studying this new syllabus instead of the old one. It is extracted directly from the new, official IB Economics guide published by the […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Economies of Scale & Long-Run Average Cost (LRAC) Definitions: The LRAC is a a cost curve which shows the average cost per unit of […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Monopsony Definitions: A pure monopsony is defined as a market where there is only one buyer for a good/service, or labour. Monopsony power occurs […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Types of Business Objectives and their Definitions: Profit Maximisation is when a business aims to generate the highest earnings possible. This is defined by […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Phillips Curve Definition: The Short-Run Phillips Curve (SRPC) shows the trade-off relationship between inflation and unemployment. The long-run Phillips Curve represents the natural rate […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Profit Maximization Definition: Profit Maximization is defined as producing at the quantity where a firm’s marginal cost equals marginal revenues i.e. MC = MR. […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Revenues Formulas & Definitions: Total Revenue (TR) is the total value of sales earnings a firm receives in a given time period. Total Revenue […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Price Controls Definition: Price Controls are a type of government intervention in markets to change the existing market price, by imposing a maximum price […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory The Multiplier Effect Definition: The Multiplier Effect suggests that an injection into the circular flow of income (or AD) leads to a larger than […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Subsidies Definition: Subsidies are government funds given to producers to help increase production and consumption of a good, by reducing their production costs. Subsidies […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Consumer/Producer Surplus Definition: – Consumer surplus is the gain from buying a good at the market price, compared to the higher price which the […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Fiscal Policy Definition: Fiscal policy occurs when the government uses government spending or taxation to change the amount of aggregate demand (AD) and national […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Monetary Policy Definition: – Monetary policy occurs when the government uses interest rates or money supply to change the level of aggregate demand (AD) […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Supply-Side Policy Definition: – Supply-side policies increase aggregate supply of the economy by increasing economic productivity or improving market efficiency. – Market-based supply-side policies […]
Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Looking for revision notes, past exam questions and teaching slides for Financial Markets? Check out ours below and download them if you find it helpful! There are a few roles of the Financial Market, for example, lending […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Demand/Supply-side Policies are macroeconomic policies that overlook the whole operation of the economy. They are to help to stabilize the economic environment for sustainable […]
Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Inflation is an increase in the general price level of an economy. In other words, the purchasing power of the country’s currency has decreased. Inflation can arise from internal and external events, and it can be categorised […]
Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Looking for revision notes, past exam questions and teaching slides for Employment? Check out ours below and download them if you find it helpful! A high employment rate is one of the government’s macroeconomic objectives as it […]
Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Looking for revision notes, past exam questions and teaching slides for Free Trade? Check out ours below and download them if you find it helpful! Free Trade is a policy to eliminate restriction or barriers on imports […]
Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Looking for revision notes, past exam questions and teaching slides for Comparative Advantage? Check out ours below and download them if you find it helpful! Comparative Advantage happens when one country has the ability to produce goods […]
Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Looking for revision notes, past exam questions and teaching slides for Exchange Rate? Check out ours below and download them if you find it helpful! Exchange rates refer to the price of one currency in terms of […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Price discrimination Definition: Price discrimination is defined as firms charging their consumers different prices for the same good. Price discrimination Examples & Explanation: If […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Elasticity Definitions and Formulas: – Price Elasticity of Demand (PED) measures how sensitive a change in quantity demanded (Qd) is, in response to a […]
Related Exam Boards: GCE A-Level, IB (HL), Edexcel (A2), OCR, AQA, Eduqas, WJEC Looking for revision notes, past exam questions and teaching slides relating to efficiency in market structures? Check out ours below and download them if you find it helpful! Efficiency is about how a market system makes optimal […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Positive and Negative Externality Definitions: – Negative externalities arise when the production or consumption of a good creates a cost to a third party. […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Perfect Competition Definition: A market with Perfect Competition is defined as having an unlimited number of buyers and sellers, perfect information (eg. with regards […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Monopoly Definitions: – A Monopoly (Pure Monopoly) is defined as having only one seller in the market. – A legal monopoly is defined as […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Oligopoly Definition: An Oligopoly is a market structure where only a few sellers dominate the market. Oligopoly Examples & Explanation: Because there are only […]
Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory Monopolistic Competition Definition: Monopolistic Competition is defined as a market structure with a large number of firms, low barriers to entry and differentiated products. […]