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OSC IB REVISION GUIDESfor the International Baccalaureate Diploma Programme
,osc
OSC IB Revision Guides
Published by OSC Publishing,
Aristotle House, Aristotle Lane
Oxford 0X2 6TP, UK
IB EconomicsHL
1st editiorf^QdC*
Copyright © 2004 Stephen Holroyd
978-1-904534-51-8
No part of this publication may be reproduced, stored in a retrieval system,
or transmitted in any form or by any means, without the prior permission
of the publishers.
PHOTOCOPYING ANY PAGES FROM THIS PUBLICATION IS PROHIBITED.
The material in this Revision Guide has been developed independently of the
International Baccalaureate Organisation.
OSC IB Revision Guides are available in most major IB subject areas.
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About the author
Stephen Holroyd is an experienced economics teacher and has been teaching
the IB for twelve years. He has examined for the IB since 1999 and teaches
regularly on OSC revision courses. He is currently head of Economics, Politics
and Business Studies at Malvern College, Worcestershire, England.
Social responsibility
The OSC team are extremely proud that our profits benefit the McCall MacBain
Foundation, funding socially beneficial activities in health, education, and the
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Title texture: Photocopy toner
Printed by: WFM Print Solutions, Tonbridge, Kent
, CONTENTS
ABOUT THIS B O O K ............................................................... ..3
Introduction to Econom ics......................................................4
M icro e co n o m ics.......................................................................7
Dem and.......................................................................... .. 7
S u pply............................................................................. .. 9
Equilibrium .........................................................................10
Government Intervention in the M a rket..........................12
Elasticities of Demand and S u pply........................................ ...17
Price Elasticity of D em and............................................ ..17
Cross Elasticity of D em and............................................. 19
Income Elasticity of D em and...........................................20
Price Elasticity of S u p ply................................................. 20
Market Failure and Government R esponse.............................22
Externalities.......................................................................22
Negative Externalities.................................................... ..22
Positive Externalities..................................................... .. 25
Public G o o d s.................................................................... 27
Merit and Demerit G o o d s................................................26
Monopoly P ow er............................................................. .26
Theory of the Firm .....................................................................29
Aims and Objectives of F irm s................................................. .29
Costs in the Short R u n .....................................................29
Costs in the Long R u n .....................................................30
R evenue......................................................................... ..32
P ro fit................................................................................ ..34
Perfect Competition....................................................... ..35
M onopoly........................................................................ ..36
Perfect Competition and Monopoly C om pared........... ..37
Monopolistic Com petition................................................38
O ligopoly......................................................................... .39
Price Discrimination.................................................... .....40
M a croe co n o m ics......................................................................42
Measuring National Incom e.................................................. ... 42
Circular Flow of Income............................................................ .42
Macroeconom ic M o d e ls ..........................................................43
Macro Policy Objectives................................................ ...43
Aggregate Demand and Supply A nalysis.................... ..44
The Multiplier and Accelerator...................................... ..48
Demand-side and Supply-side Policies...........................49
Unemployment and Inflation.....................................................51
Unemployment............................................................. ....51
Inflation........................................................................ .....53
The Keynesian/Monetarist D ebate............................... .56
International E conom ics.........................................................61
Reasons for Trade......................................................................61
Absolute Advantage...................................................... ..61
Comparative Advantage................................................ .61
T rad el Protectionism.................................................................63
Economic integration..................................................................64
Balance of Paym ents............................................................... .65
Exchange R ate s........................................................................66
Balance of Payments and Exchange R a te s............................69
Terms of Trade....................................................................... ....71
, Development Economics........................................................72
Distinction between Growth and Development.................... ... 72
Characteristics of Economic G ro w th ...................................... ..72
Indicators of Economic Developm ent.......................................73
Sources of Economic Developm ent....................................... ..73
Consequences of Growth......................................................... ..74
Barriers to Economic Growth/Development.............................. 75
Development Strategies.......................................................... ..77
Revision Advice....................................................................... ..83
Examination Technique and Model Answers.................... ..85
Multiple C hoice ............................................................... ..85
E ssays............................................................................ ...86
Short A nsw ers...................................................................87
Data R esponse............................................................... ..92
Acknowledgements
In writing this guide I am indebted to the word-processing skills of
Sophie Holroyd.
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