Ib econ - Study guides, Class notes & Summaries

Complete list of real world examples covering the whole IB HL Economics course. Excellent to use in Paper 1, for the 15-mark question, that requires to include examples from the real world. The document is divided in the 4 main units: Introduction to Economics, Microeconomics, Macroeconomics, and The Global Economy. It then offers examples for all topics. The document was written in 2022, so most examples are very current (including Brexit and Covid), while others are more historical (1973 oi...

IB Economics HL Exam Questions and Answers (Latest Update 2024)

IB Economics HL – Microeconomics Exam Questions and Answers (latest Update 2024)

Ceteris paribus correct answers all other things are being held equal positive economics correct answers matters of economics that can be proven to be right or wrong by looking at the facts normative economics correct answers matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity correct answers the limited availability of economic resources relative to societys unlimited demand for goods and services land correct answers t...

Notes for microeconomics, scored 7 for IB Economics HL

Social Sciencethe study of people in society and how they interact with each other. Economicsthe study of how people use their limited resources to try to satisfy unlimited wants. Microeconomicsthe study of the economic behaviour of households and firms and how prices of goods and services are determined. Positive Statementa statement about what is. This is an expression that can be verified by observation. Normative Statementa statement about what ought to be. This is an expression of...

Scarcity the condition that results from limited resources combined with unlimited wants Opportunity Cost Cost of the next best alternative use of money, time, or resources when one choice is made rather than another Factors of Production resources of land, labor, capital, and entrepreneurship used to produce goods and services Land the physical location where production occurs. Includes bodies of water as well as resources extracted from the earth.

IB Economics HL Exam Review |Graded A+| Latest Ceteris paribus *Ans* all other things are being held equal positive economics *Ans* matters of economics that can be proven to be right or wrong by looking at the facts normative economics *Ans* matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity *Ans* the limited availability of economic resources relative to societys unlimited demand for goods and services land *Ans* the...

Actual Output Production of goods and services in a given time period Potential output Possible production of goods or services in an economy if all available factors are employed Actual Growth Occurs where previous unemployment of factors of production are brought into use. It is represented on the PPC curve from a point to another point that is nearer to PPC curve. Potential Growth Occurs when there is an increase in quantity and increase in quality of factors of production. It is r...

Ceteris paribus - ️️all other things are being held equal positive economics - ️️matters of economics that can be proven to be right or wrong by looking at the facts normative economics - ️️matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity - ️️the limited availability of economic resources relative to societys unlimited demand for goods and services land - ️️the physical factor of production. It con...