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Summary of Economics

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An overview of Economics can be found in this document. Everything from international trade to macroeconomics and microeconomics. This booklet is essential, particularly before an exam to help you review important details.

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  • March 26, 2024
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Economics Notes

Curriculum: International Baccalaureate
Grade: 11 - 12

Simplified notes to help learn the key components of Economics!!

,Context page

Chapter 1: Introduction to Economic
- Definition of Economics
- Basic Economic Concepts (Scarcity, Choice, Opportunity Cost)
- Economic Systems (Capitalism, Socialism, Mixed Economy)

Chapter 2: Microeconomics

Section 1: Demand and Supply
- Law of Demand and Supply
- Factors Affecting Demand and Supply
- Market Equilibrium and Price Mechanism

Section 2: Elasticity
- Price Elasticity of Demand
- Income Elasticity of Demand
- Cross-Price Elasticity of Demand

Section 3: Market Structures
- Perfect Competition
- Monopoly
- Oligopoly
- Monopolistic Competition

Section 4: Production and Costs
- Production Function
- Types of Costs (Fixed Costs, Variable Costs, Total Costs)
- Short-Run and Long-Run Costs
- Economies of Scale

, Chapter 3: Macroeconomics

Section 1: National Income Accounting
- Gross Domestic Product (GDP)
- Components of GDP (Consumption, Investment, Government Spending, Net
Exports)
- GDP vs. GNP

Section 2: Aggregate Demand and Aggregate Supply
- Determinants of Aggregate Demand and Supply
- Equilibrium Output and Price Level

Section 3: Fiscal Policy
- Government Expenditure
- Taxation
- Budget Deficits and Surpluses
- Fiscal Policy Tools (Expansionary and Contractionary)

Section 4: Monetary Policy
- Money Supply
- Interest Rates
- Central Bank Operations
- Tools of Monetary Policy (Open Market Operations, Reserve Requirements,
Discount Rate)

Chapter 4: International Economics

Section 1: International Trade
- Absolute and Comparative Advantage
- Terms of Trade
- Trade Barriers (Tariffs, Quotas, Embargoes)

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