Summary
Summary IB Economics Real World Examples
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This document contains real world examples for several concepts of microeconomics and macroeconomics. These examples are usually required in IB paper 1, 15 marker
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REAL WORLD EXAMPLESMICROECONOMICS
Price Ceiling
Price Ceiling in Texas on Electricity: Reduced price from $9000 -
$5000
Rent Ceiling
New York City: Original Price was $1600 and qe was 80000
New Price is $1000, qs is 60000 and qd is 100000
Illegal price is $2800
Price Floor
UK Carbon Emission is 18 pounds / tonne
Minimum Support Price
Thai government buy rice at $500/ ton
Government bought nearly 18m tons of rice
Cost is nearly $12.5 billion
Subsidies for agriculture
$24 billion in US on cotton
Taxes for NPE
Japan 289 yen/ tonne
Entire revenue invested in clean energy
China Tradable Permits
Approximately 4.5 billion tonnes of Carbon
Tradable Permits on Fishing
Virginia on Alaskan Halibut
Legislation for NPE
USA government has banned POPs (Type of pollutant)
Taxes for NCE
LA government taxes vapes
Tax profit equal to 3.8 million dollars - invested in education
15% decrease in vaping
Legislation for NCE
India does not permit smoking in public places
Education for NCE
Tonga government worked with the WHO to advertise on fatty foods
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