Economics HL

George Graves

This comprehensive study guide covers the core topics of the IBDP Economics Higher Level course, providing clear explanations to reinforce understanding of economic concepts. It pays particular attention to topics that students often find more difficult, helping to prepare for exams. and includes advice on how to approach exam questions.

No. of pages:84
ISBN:9781913433314
Publication date:05 Jan 2022

Valid for Diploma students taking exams up to November 2029

Original price was: £21.00.Current price is: £18.25.

Image of Economics HL front cover

Key features of this guide include:

  • concise summaries and key terminology for each topic;
  • clear diagrams for key economic expressions and relationships;
  • real-world examples to contextualise important concepts;
  • guidance on approaching exam questions and tips to focus study;
  • additional points for students seeking a deeper understanding.

Table of contents

Chapter 1: Introduction to Economics

  • Key Concepts

Chapter 2: The Fundamental Economic Problem

Chapter 3: Market Equilibrium and Resource Allocation

  • Demand
  • Supply
  • How demand and supply interact to establish market equilibrium

Chapter 4: Elasticity of Demand and Supply

  • Price elasticity of demand (PED)
  • Income elasticity of demand (YED)
  • Price elasticity of supply (PES)
  • Applications of elasticity

Chapter 5: Government Intervention in the market

  • Price controls
  • Indirect taxes
  • Subsidies
  • Evaluation of government intervention in the market

Chapter 6: Market Failure

  • Externalities
  • Government policies to reduce market failure resulting from externalities
  • Public goods
  • Asymmetric information
  • Common access or pool resources
  • Monopoly power

Chapter 7: Profit maximisation under different market structures

  • Profit
  • Costs of production
  • Revenue from production
  • Profit maximisation
  • Profit maximisation under different market structures
  • Behavioural theories

Chapter 8: Equity and Equality

Chapter 9: Macroeconomics

  • The measurement of economic activity
  • The concept of the circular flow
  • How to analyse macroeconomic equilibrium
  • How to apply the AD/AS model
  • Objectives of government policy (Causes of problem)
  • Government policy to achieve the objectives (Cures)
  • Applying the cures to the causes
  • Consequences of failing to achieve the objectives

Chapter 10: The Global Economy

  • The gains from trade
  • Restrictions on the freedom of trade: Protection
  • Types of protection
  • Trading blocs
  • Exchange rates (ER)
  • The effects of exchange rate changes
  • Alternative ER systems
  • Balance of payments
  • Current Account disequilibria
  • How to correct a current account deficit
  • Some additional points
  • Development economics
  • Barriers to development
  • Strategies to promote economic growth and development

Chapter 11: Additional topics

  • Numerical questions
  • Inflation revisited
  • Fiscal policy revisited

A Final Bit of Advice

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