These will determine how you should answer the question. Evaluate government policies to deal with the different types of unemployment. Distinguish between total GDP and GNP/GNI and per capita GDP and GNP/GNI. Get the latest articles and test prep tips! (HL ONLY). Explain the concepts of trade creation and trade diversion in a customs union. The syllabus covers a range of fundamental economic ideas, including an introduction to the price system and government intervention, international trade and exchange rates, the measurement of employment and inflation, and the causes and consequences of inflation. Explain the three main components of the financial account, specifically, direct investment, portfolio investment and reserve assets, Calculate elements of the balance of payments from a set of data. IB Economics Complete Syllabus w/ Conventions . Recommended time for teaching and inquiry: SL—45 hours, HL—65 hours. Explain how the size of the circular flow will change depending on the relative size of injections and leakages. a. Management / Business Administration, • Assumptions underlying the law of demand (HL only), • Assumptions underlying the law of supply (HL only), Calculation (HL only): consumer surplus and producer surplus from a diagram, Behavioural economics in action (HL only), • Changing PED along a straight line downward sloping demand curve (HL only), Diagram (HL only): PED along the straight line demand curve, • Reasons why the PED for primary commodities is generally lower than the PED for manufactured products (HL only), • Reasons why the PES for primary commodities is generally lower than the PES for manufactured products (HL only). With reference to specific examples, explain how the following factors are barriers to development for economically less developed countries. • Economics is a social science characterized by interdependence, which focuses on how people interact with each other to improve their economic well-being, influenced and enabled by their values and their natural surroundings. When answering IB Economics exam questions it is important to identify the command term in each question. (HL ONLY). For some units, HL has additional material to learn that SL doesn't include. Evaluate the possible economic consequences of a change in the value of a currency, including the effects on a country's inflation rate, employment, economic growth and current account balance. Explain why, in the monetarist/new classical approach, while there may be short-term fluctuations in output, the economy will always return to the full employment level of output in the long run. Welcome to TN economics blog, founded by Terry Ng. Construct a diagram to show the potential effects of easy (expansionary) monetary policy, outlining the importance of the shape of the aggregate supply curve. Our team of PrepScholar admissions experts have compiled their knowledge into this single guide to planning out your high school course schedule. Explain the four components of the current account, specifically the balance of trade in goods, the balance of trade in services, income and current transfers. Causes of economic inequality and poverty, including: The impact of income and wealth inequality on: The role of taxation in reducing poverty, income and wealth inequalities. Conceptual understandings: The teaching in IB Economics should be focused on relating back to the key, recurring Economics concepts in the syllabus below in Unit 1. Evaluate the effectiveness of monetary policy through consideration of factors including the independence of the central bank, the ability to adjust interest rates incrementally, the ability to implement changes in interest rates relatively quickly, time lags, limited effectiveness in increasing aggregate demand if the economy is in deep recession and conflict among government economic objectives. a. Outline the current status of international development goals, including the Millennium Development Goals. Socially optimum output: marginal social benefit (MSB) equals marginal social cost (MSC). Export promotion c. Trade liberalization d. The role of the WTO e. Bilateral and regional preferential trade agreements f. Diversification. Evaluate, using diagrams, the use of government responses, including subsidies, legislation, advertising to influence behaviour, and direct provision of goods and services. The Marshall-Lerner condition and the J-curve effect (HL only), Diagram (HL only): J- curve with reference to the Marshall Lerner condition. Explain the negative causal relationship between price and quantity demanded. Explain the importance of investment for economic growth, referring to investment in physical capital, human capital and natural capital. Conceptual understandings: Explain that a producer price index measuring changes in the prices of factors of production may be useful in predicting future inflation. Explain the measures that make up the Human Development Index (HDI). Discuss why, in contrast to the monetarist/new classical model, increases in aggregate demand in the Keynesian AD/AS model need not be inflationary, unless the economy is operating close to, or at, the level of full employment. Compare and contrast the different types of trading blocs. Explain why a surplus in the current account of the balance of payments may result in upward pressure on the exchange rate of the currency. Contents. Both IB Chemistry SL and HL cover the first 11 topics (a total of 95 hours), and HL additionally covers topics 12 to 21 (an additional 60 hours). Evaluate, using diagrams, possible government responses to threats to sustainability, including legislation, carbon taxes, cap and trade schemes, and funding for clean technologies. Evaluate government policies to deal with the different types of inflation. These are words like ‘describe, distinguish, explain, define…’, which describe the extent of knowledge you need to have about each topic in the syllabus. 2.4 Critique of the Maximizing Behaviour of Consumers and Producers, 2.8 Market Failure--Externalities and Common Pool or Common Access Failures, (HL ONLY) 2.10 Market Failure--Asymmetric Information, (HL ONLY) 2.11 Market Failure--Market Power, (HL ONLY) 2.12 The Market's Inability to Achieve Equality, Price elasticity of demand and its determinants, Specific (fixed amount) taxes and ad valorem (percentage) taxes and their impact on markets, Market failure as a failure to allocate resources efficiently. These exact notes were used to obtain a mark of 84/100 (Grade 7) in IB Economics HL and are up-to-date with the newest 2013 IB Economics HL Syllabus.. Compare and contrast GDP per capita figures and GDP per capita figures at purchasing power parity (PPP) exchange rates for economically more developed countries and economically less developed countries. This forces societies to face trade-offs, opportunity costs and the challenge of sustainability. Explain that a supply curve represents the relationship between the price and the quantity supplied of a product, ceteris paribus. Explain, using the Keynesian AD/AS diagram, that the economy may be in equilibrium at any level of real output where AD intersects AS. past posts from the IB Economics (and, not only) blog 2019 (4) Developed in cooperation with the IB, our bestselling Course Book has been revised and updated to provide the most comprehensive support for the new DP Economics syllabus, for first teaching in September 2020. Explain the difference between equity in the distribution of income and equality in the distribution of income. Describe the relationship between an individual producer's supply and market supply. Calculate opportunity costs from a set of data in order to identify comparative advantage. Explain the relationship between economic growth and economic development, noting that some limited economic development is possible in the absence of economic growth, but that over the long term economic growth is usually necessary for economic development (however, it should be understood that under certain circumstances economic growth may not lead to economic development). Benefits of international trade, including: Diagram: free trade illustrating exports when world price is above domestic price, Diagram: showing the effect of a tariff on price, production, consumption, expenditures, revenues, welfare, Diagram: showing the effect of a quota on price, production, consumption, expenditures, revenues, welfare, Diagram: showing the effect of a subsidy on price, production, consumption, expenditures, revenues, welfare. Explain that the (absolute) value of XED depends on the closeness of the relationship between two goods. • Change in the conditions of the demand and supply sides of the economy cause economic activity to vary over time. Calculate from diagrams the effects of imposing a tariff on imported goods on different stakeholders, including domestic producers, foreign producers, consumers and the government. Describe, using a PPC diagram, economic growth as an increase in production possibilities caused by factors including increases in the quantity and quality of resources, leading to outward PPC shifts. However, a list about all scheduled changes should be in the coordinators' handbook that you can find amongst the documents in the sticky post. Made up of the three required components, the DP core aims to broaden students’ educational experience and challenge them to apply their knowledge and skills. Conceptual understandings: Recommended teaching time: 10 hours Recommended time for teaching and inquiry: SL—40 hours, HL—75 hours. Discuss the positive outcomes of market-oriented policies (such as liberalized trade and capital flows, privatization and deregulation), including a more efficient allocation of resources and economic growth. Intervention attempts to achieve macroeconomic objectives through a choice of policies students ) in 2020 will studying! 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