INSTITUTE FOR ECONOMICS

Economics for the International Baccalaureate. HL andSL.

1. The fundamentals of economics. 2. Competitive economic markets, demand and supply, equilibrium prices.

3. Price elasticities of supply and demand, Income and cross elasticities of demand. 

4. Taxes, Subsidies and social  welfare costs and market outcomes. 

5. Externalites and other market failures.

 6. Production, costs, revenues and profits of firms. 

7. Perfect competition, Monopoly, Monopolistic competition, and Oligopoly

as models of businesses and the market. 

8. Economic activity of a country as a whole. 

9. Keynsian and monatarist models of total demand and supply.

 10. Low unemployment and a low, stable inflation rate as Macroeconomic aims. 

11. Economic growth and equity of income distrbution. 

12. Demand and supply side policies as government

policies. 

13. International trade, benefits and risks. 

14. Balance of payments and floating and fixed exchange rates. 

15. Terms of trade and economic cooperation of countries. 

16. Economic development and growth.

17. Influence of trade and domestic factors on economic development. 

18. Foreign investment, aid and

multinational coorporations.

 19. Free markets and Government control.