[10 marks] Over a period of years, it is observed that the price of apples has A diagram which demonstrates the cost of a subsidy to the government (A+B) and the share received by the consumer (A) and producer (B) Diagram Analysis. explanation of why governments apply subsidies and a consideration of how subsidies influence the market and society in terms of welfare, such as making goods more affordable for low income households. There is a single seller or dominant rm is the entire industry. diagram(s) to show a how a decrease in income affects the demand for a normal good and an inferior good. At the heart of economic theory is the problem of scarcity. definition of supply, supply curve. Predictable and transparent. The level of market power is high/absolute for monopoly firms. The situation in Bolivia has improved so the Lorenz curve is moving closer to the line of perfect equality. pdf - Free download as PDF File (. This document was uploaded by user and they confirmed that they have the permission to shareit. IB ECONOMICS PAPER 2 EXAMINATION QUESTIONS – INTERNATIONAL ECONOMICS. (a)Explain how knowledge of price elasticity of demand could be used by a firm that is c. Hence, production costs increase and the price level in an economy rises P1 -> P2. Micro, Macro, and then Global). An understanding that it is when people have an income: (one. TFC TVC TC. Weighting: Higher Level 30%, and Standard Level 40%. Student CD-ROM providing high quality supplementary materials including extensive exam practice for Papers 1, 2 and 3 and key diagrams to aid revision. 1243 Schamberger Freeway Apt. g. The closer to zero, the closer the country is moving to perfect equality. 91 Pages; 2012; IB Economics - Worksheets. There is no competition and the product produced is unique. Exchange rate: the price of one currency expressed in the terms of other currencies. IB Economics Revision notes are listed as in the official IB Economics syllabus which can be found here: IB Economics Syllabus. oxford ib diplom program diagrams eco ed ti economics pa jocelyn blink ian dorton the foundations of economics oup: this may be reproduced for class use solely Poverty cycle (poverty trap) arises when low income result in low (or zero) savings, permitting only low (or zero) investments in physical, human and natural capital, and therefore low productivity of labour and of land. diagram(s) to show the application of subsidies to a market and reasons to apply a subsidy such as merit goods. We hope this will serve as a directory of our Economics resources for IB Economics students in Year 1 and Year 2. Market structures are the characteristics of the market in which a firm or industry operates. UR. Marginal Costs: the extra or additional cost of producing one more unit of output; these are the costs in which the firm exercises the most control. The level of market power is low in perfect competition. Economics for the IB Diploma Coursebook with Digital Access (2 Years) ISBN:9781108847063. About the IB: For nearly 50 years, the IB has built a reputation for high-quality, challenging programmes of education that develop internation-ally minded young people who are well prepared for the challenges of life in the 21st century and are able to contribute to creating a better, more peaceful world. These diagrams are reproduced here by chapter so that you can easily refer to all of them for review. 2 diagrams showing an appreciation in the floating exchange rates: Diagram 1 Diagram 2. Students answer two questions in total, one from section A and one from May 12, 2019 · Key Macro Diagrams for Economics Papers. That will happen because there will be little to none spare capacity (e. Longer notes: Markets. Explain the law of demand, and use diagrams and examples to distinguish between shifts of the demand curve and movements along the demand curve. £181,818. Nominal GDP 2019 = 11945 + 11100 + 16500 + (10300 - 3988) Nominal GDP 2019 = $45,857 billion. Producer surplus. Scarce resources are the factors of production (land, labour, capital, enterprise) Free markets often work very well. Section A – International Economics. It focuses on the first two sections of the syllabus (Microeco. Quick reference: Markets. When the price of one good increases (decreases), the demand for the other falls (rises). [10] Answers may include: definition of demerit good, price floor. You’re given 9. A great match for teaching AS and A Level. 7 %âãÏÓ 1583 0 obj > endobj 2 0 obj > endobj 1056 0 obj >/MediaBox[0. Jan 25, 2023 · The one intangible point missing from this IB Economics Internal Assessment guide is that you need the right mindset to score well in IB Economics Internal Assessments. 1 International Trade – Trade Protection: Tariff. Weighting: Higher Level 40%, and Standard Level 30%. Price Ceiling. Monopolistic Competition Examples & Explanation: Local restaurants, pubs, hairdressers, and even tutoring businesses tend to fall into the monopolistic competition market structure. pdf), Text File (. CONOMICS IA GUIDEECONOMICS IA GUIDEThe IA’s make up 20% of your final grade in IB Economics, so you. 9) = €0. (1 mark for the correct answer) Step 2: Calculate the new exchange rate. Output Method: Sum of All Goods & Services Produces in an Economy in a Year. 502Port Orvilleville, ON H8J-6M9. The degree of competition between the firms in the Duration: 1 hour 45 minutes. Format:Print/online bundle. These characteristics typically include. Download Original PDF. The number and size of firms. • Where appropriate, relevant diagram(s) are included and fully explained. E. Economics is an exciting, dynamic subject that allows students to develop an understanding of the complexities and interdependence of economic activities in a rapidly changing world. Quick reference: Market efficiency. Scarcity prevents this level of production without new resources. IB Economics exam Paper 2 is divided into Section A and Section B. 99 = £179,999,9982. s and Macroeconomics). Earns negative economic profit (a loss) (you must show loss per unit and total loss). Is this situation in violation of the law of demand? Use diagrams to support your argument. The original equilibrium is at P 1 Q 1; The subsidy shifts the supply curve from S → S + subsidy. Therefore, it has tried to establish the following principles: Non-discrimination. This comprehensive and engaging text, developed in cooperation with the IB, follows the new curriculum for first assessment in 2022. Author (s):Ellie Tragakes. The Short-Run Phillips Curve indicates that when an economy experiences low levels of unemployment, inflation is likely to be high. [15 marks] Using diagrams, explain why the price Market Power in a Monopoly. 180 Pages; 2011; Internal Assessment Sample – Microeconomics. Jan 18, 2011 · The document summarizes key economic concepts related to production possibilities curves, opportunity cost, actual and potential growth, demand and supply, equilibrium price and quantity, changes in demand and supply, price controls, taxes, costs of production, revenues, profits, and price discrimination. 1 The foundations of economics Before we start this course, we must first look at the foundations of economics. - Formulas for profit, total revenue the price of chocolate. All diagrams explicitly stated in the official guide are addressed and questions are carefully designed with discussion and debate in mind. Unit 1 Introduction to economics Chapter 1 The foundations of economics 40 A B microwave ovens 35 30 G C 25 20 F 15 D 10 5 0 5 E 10 15 20 25 30 35 40 computers Figure Terms in this set (23) supply-demand diagram. Step 4: Calculate the real GDP for each year using the GDP deflator. 1 DEMAND: EXAM PRACTICE QUESTIONS. Board: AQA, Edexcel, OCR, IB, Eduqas, WJEC. Full Definitions List*. (trade may also make this point possible). -fo. 15 Production and Costs HL 9. Calculations need to be exact or expres. Apr 17, 2020 · The long-run Phillips Curve represents the natural rate of unemployment in the economy when it is at full capacity. With accessible, engaging lessons students will actively relate economics to real-world issues and the global economy. Firms then offer higher wages than their competitors to hire employees. D Q. The tip given under each diagram tells you what you should be able to illustrate by use of these diagrams. This increases the QD in the market from Q 1 →Q 2; The new market equilibrium is P 2 Q 2 the economy and of economics can enable us to make better choices, both individually and as a society, which should serve to improve our own lives and the lives of those around us. 90/$2. Download a pdf of the presentation from the link under the A demand curve is a graphical representation of the price and quantity demanded (QD) by consumers. 6 Balance of Payments. Avoid writing anything that isn’t going to earn you marks. You're going to need all the words you can get for your analysis and evaluation. 4. This document contains formulas and definitions related to economics concepts like: - PED, PES, YED, and XED which are formulas for price, expenditure, and cross elasticities of demand. Download. Step 2: Draw and label the Lorenz Curve for each year. %PDF-1. All 50 worksheets require students to sketch at least one diagram and to consider appropriate scription or exemplar)elabo. This usually happens in the boom phase of the Economic/Business cycle when aggregate demand (AD Market power refers to the ability of a firm to influence and control the conditions in a specific market, allowing them to have a significant impact on price, output, and other market variables. We have summarised the Economic concepts from the IB Economics syllabus, and linked our IB Economics notes and questions to key topics on this page. Sep 12, 2023 · The IB Diploma Programme Economics course forms part of group 3 - individuals and societies. 3 to 4 Increasing opportunity costs if PPC is concave. Finding and studying IB Economics (HL) flashcards & notes from students and teachers on Knowt is super easy to do! We’ve got the perfect set of notes and flashcards for your every need - whether you’re preparing for a quick pop quiz or cramming for a huge midterm. 18 x 0. It is designed to prepare students for the final HL and SL economics examinations. 326986899-IB-Economics-Formula-Sheet. This is called Market Failure. (a) Explain how a decrease in income might affect the demand for normal goods and. IB ECONOMICS PAPER 1 EXAMINATION QUESTIONS. The production of honey increases the amount of bees in an area which increases pollination potentially helping other food producers in the area. Share : In this revision video we look at some of the key diagrams that can be used to help support good level analysis in your macroeconomics exam papers. 2 Part of the IB Economics syllabus - Equilibrium. The type of product in the market (homogenous or differentiated) The types of barriers to entry and exit. Step 5: Calculate the real economic growth rate (the % change in real GDP) (4 Marks for the correct answer or one Preview. Stick with one unit of the course (i. They include all the diagrams that appear in the IB economics syllabus. It has been criticised for being biased in favour of the US and EU, whilst being inconsiderate of the needs of developing countries. [10 marks] b. Quick reference: Demand. Use diagrams and explain whether or not whether or not the law of supply has been contravened. rm in the industry, so the single. He is an IBDP Examiner and IGCSE textbook author. 2 Exchange rates. Available from: September 2020. imposition of a subsidy. (1 mark for the correct answer) Step 3: Use the above value to calculate the new amount of Euros. Develop the next generation of economic minds with this thought-provoking series for first examinations 2022. 15 a day (or any income level set by the United Nations/World Bank) below the level required to meet basic physical needs (food, clothing, shelter) Linear supply functions, equations and graphs (HL ONLY) Explain a supply function (equation) of the form Qs = c + dP. Identify the largest possible loss the firm will be prepared to accept before shutting down. Revision notes for the HL IB Economics syllabus, written by the Economics experts at Save My Exams. Short-run equilibrium and Long-run equilibrium. diagram to show a shift in supply to the left. Plot a supply curve from a linear function (eg, Qs = –30 + 20 P). Paper 2. Author: Matt Kelly This resource pack has been created to support teachers and students throughout the two-year IB DP Economics course (first exams May 2024). An understanding that the imposition of a trade barrier can trigger off a series of retaliations by (a) trade partner(s). 5 Exchange Rates. The economists at Lanterna strongly believe that if you know what an IA is IB Economics Notes & Questions. Important diagrams to remember Chapter 2 Competitive markets: demand and supplyprice of chocolate bars ($)(a) Demand of consumer A(b) Demand curve of consumer B(c) Market demandP ($)P ($)55544+3+322 1DA102 4 6 8 10 12 quantity of chocolate bars (per week)0demands of other consumers in the market4=3 2 1DB02 4 6 8 10 12 • diagrams to show demand and supply when there is a pricing mechanism; market failure (negative production and consumption externalities); PPC shifting inward due to loss of common access resources • explanation of market failure of common access resources, non-excludability, diminishability, rivalry, overconsumption, lack of Paper 1: Facts about the Paper 1: It’s worth 30% of your overall Economics grade if you’re an HL student, and 40%. 2 diagrams showing a depreciation in the floating exchanges rates: Diagram 3 Diagram 4. The law of demand states that there is an inverse relationship between price and quantity demanded (QD), ceteris paribus. All the topics in the IB syllabus economics course are covered in a revision format. Concepts only applicable to HL is noted in italics IB Economics – Theory of the Firm 1. Remember! Theory states that suppliers do not supply past the intersection of Pmax and Qty. workers) left. Each of these diagrams is also explained in the learning objectives appearing at the beginning of each section of the coursebook. Duration: 1 hour 30 minutes. the rectangle (new price * new quantity) is the govt revenue. The idea that it is trade that is seen as unfair by one country, leading to protectionism OR the idea that it is rising protectionism. 0 0. . For an AD/AS diagram, the vertical axis may be Average (General) Price Level or Price Level or CPI. This gives rise to low, if any, growth in income (sometimes growth may be negative), and hence low income once again. • Relevant economic terms are used appropriately throughout the response. Imposition of tax. Explain that the natural rate of unemployment (NRU) is composed of structural and frictional unemployment. Over time, it is observed that the number of cell phones produced and sold increases, and that the price of cell phones falls. Floating system: the value of the exchange rate is determined by the supply and demand of the currency on the foreign exchange market. explanation of why the profit maximizing choices of a monopoly firm lead to productive and allocative inefficiency. Evaluate government policies to reduce the different types of unemployment. Positive Externalities of Production. AFC = AVC = ATC = (or AFC + AVC) Q Q Q. of the following) below $1. Economists, however, use straight lines so as to make analysis easier. 9 Barriers to Economic Growth & Development. Notes. (1 mark) Step 3: Calculate the difference between old and new consumer surplus. Section 4: Development economics 4. Monopoly firms have high market power, high/total market Marking: your Economics Internal Assessments are marked by your teacher (s). On your diagram in Question 5 above, identify the point associated with the variable input where negative returns occurs. 0 612. They include Microeconomics Opportunity cost Demand & Supply Elasticities Government Intervention Market Failure Theory of Firms: product, costs, revenue, and profit Theory of Firms: Market Structures Jan 5, 2021 · Above is every essential Micro, Macro, and International Trade diagram mentioned in the IB HL Economics syllabus to help with your studying!If you have any q IB ECONOMICS PAPER 1 EXAMINATION QUESTIONS. Candidates who label diagrams incorrectly can be awarded a maximum of [3]. you’re an SL student. Last updated 12 May 2019. Note: equity is a key concept in IB Economics, whereas equality is not. The change in consumer surplus = $70,500 - $52,500. Lesson 1 What is the Economy? This increased scale and specialization is what makes us think of the economy as a thing of mystery and complexity. Economics Diagrams for the IB - Free download as PDF File (. icity and/or a country’s gross domestic product (GDP). The causes of market failure which lead to a loss of allocative efficiency. tion (brief explanation)equation (where appropriate). Instead of just giving you a short list of these 5 tips (which you can read below), in this guide you will get detailed solutions, common mistakes and good advice with which you can certainly get more marks for your IB Economics IA. It provides graphs and explanations for The WTO is the arbitrator of trade-related disputes. The general form of the demand function is Qd = a – bP. the demand for inferior goods. 99. For an exchange rate diagram, the vertical axis may be exchange rate, price of /value the peso in US$, US$/peso or US$ per peso (another currency or simply ‘another currency’ may be used instead of ‘US$’). Level: A-Level, IB. It also determines the equilibrium price and quantity. SHORT-ANSWER QUESTIONS. We will discuss what the science of economics actually is and what the scope of this science might be. Essential Graph: P/C. 8 Measuring Economic Development. Afterwards a sample of commentaries is sent to the IB for moderation. diagram to show the revenue consequences of elasticity when the price is changed. Jan 30, 2024 · In this PDF Guide I have collected the 5 Top Tips to Ace Your Commentaries to make sure you get full marks. May 23, 2024 · EcoNinja - Free notes, diagrams, and definitions for the new IB Economics syllabus! This site is for the current (first exams in 2022) International Baccalaureate (IB) Economics syllabus and is optimized for desktop. Complementary goods two or more goods that tend to be used together. txt) or read online for free. this causes an increase in supply (and price) and a welfare loss due to inneficiency. diagram to show a negative externalities of consumption diagram with a price floor (minimum price) shown. graphs the supply and demand curves together. Warning: this is an actual Internal Assessment submitted by a student to the IB! Copying sentences or parts of this piece of work will result in failing your IB Diploma programme because of plagiarism! It is an Economics IA Sample (Microeconomics) provided by the IB Economist as an example of what IB ECONOMICS PAPER 1 EXAMINATION QUESTIONS. • Where appropriate, relevant diagram(s) are included and explained. , a part of your daily vocabulary. A reduction in production leading to a fall/shift left of AS and resulting in a rise in the price level/inflation. Freely floating exchange rates. Consumer Surplus. The number of buyers. Candidates who incorrectly label diagrams can be awarded a maximum of [3]. (a) Using an appropriate externalities diagram, explain why a government might decide to impose a price floor on a demerit good. [10 marks] Evaluate the decision of taxi drivers to increase the price of taxi fares to increase revenues as a response to increases in the price of petrol. [10 marks] 2. CONTACT. Every diagram you need to know for your IB exams is listed in the IB Economics syllabus. 1. 2. •Economics is a social science on how to deal with scarcity. Steve has taught A Level, GCSE, IGCSE Business and Economics - as well as IBDP Economics and Business Management. Don’t start off in micro (apple prices rise, supply and The IB Economist offers students taking IB Economics at Higher and Standard levels to review and revise topics from the IB Economics course. His students regularly achieve 90-100% in their final exams. Section 2: Microeconomics (35 Hours SL/70 Hours HL) Longer notes: PPF and PPC. Outline the meanings of variables ‘a’ and ‘−b’. Definition: Tariff – a tax on imports with an attempt to restrict imports, possibly raise revenue for the government (however, during an exam check the context the term is used in and tweak the definition to fit) Consider the tariff diagram below: The diagram above is a diagram for the UK 1. There is a Shortage of products in the market (Qs<Qd) •The quantity that actually exchanges hands is Qs (there can be more sold than producers are willing to sell at the current price. a. Step 1: Determine if inequality has improved or worsened. External benefits of production (positive externality) result in an under-provision shown by the gap between Qopt and Qe. Firms in perfect competition have low market power,low market share and a low industry definition of subsidies. 10 x 0. IB Economics - Diagrams. 1. IB Economics Diagrams Download IB Economics - Diagrams PDF Description Similar Free PDFs. Income Method: Sum of Factor incomes (Intrest, Wages & Salary, Rent, Profit) Expenditure Method: Total Spending in an Economy in a Year = Consimer Expenditure (C) + Investment (I) + Government Spending (G) + Net Exports(Exports - Imports=(X-M Discover the IB Economics series from Oxford University Press, the leading publisher of IB curriculum materials. Longer notes: Free Market vs. This section of the site focuses specifically on revision. Answers may include: definition of price elasticity of demand. The horizontal axis should be quantity, or quantity of peso. Executive Preview. MC D TC =. Avoid quotes from the article and introductions longer than 2 sentences. Subject (s):Economics. [2 marks] b. e. Economics - HL. Appreciation: an increase in the value of the exchange rate in comparison The teacher’s resource provides you with full support, including answers to the activities in the coursebook and to the exam-style questions/papers, advice on sourcing and using case studies, EAL and subject-specific vocabulary support, evaluative essay writing, exam practice, presentations, and downloadable worksheets. Each chapter on the site includes: Revision study notes containing all of the content Explore the IB Economics series from Oxford University Press, offering comprehensive and up-to-date resources for students and teachers. Use diagrams to show how it makes a decision between continuing to produce in the short run and shutting down. Unemployment Rate. Accurate definition. 3. having so much time to work on them. Put yourself in the shoes of renowned economists. Cross-price elasticity of demand for two goods is negative (XED < 0) when the demand for one good and the price of the other good change in opposite directions. Answers may include: definitions of demand, normal good, inferior good. Inefficient use of resources, but it is possible to produce at this point. Explain the apparent contradiction: a demand decrease leads to Step 1: Calculate the quantity of Pounds received for €200,000. Market power refers to the ability of a firm to influence and control the conditions in a specific market, allowing them to have a significant impact on price, output, and other market variables. The aim of the revision guide. Microeconomics. diagrams to show productive and allocative inefficiency under profit-maximizing monopoly firm, economies of scale leading to lower prices and higher output. Explain four factors that determine how elastic or inelastic the demand for a good will be. assesses the IB Economics student’s knowledge, analytic and evaluative skills. The Paper 2 questions are highly likely to include some quantitative elements of the course, such as the calculation of price elas. Monopolists have signi cant control over the price of the good/service. For your IB Economics course you need to know the following factors affecting supply/ demand of currencies and hence, their floating exchanges rates: Positive Externalities of Production. • Relevant economic theory is fully explained. Economics cheat sheet with all formulas, diagrams and notes. More open. Students answer two questions in total, one from section A and one from Feb 27, 2020 · Jocelyn Blink, Ian Dorton. 10 Economic Growth & Development Strategies. £1= (€1. Click on any of the buttons below to begin your econ enlightenment! Additional resources: The Syllabus. Qualification:IB Diploma. [1 mark] 10. Identify the slope of the supply curve as the slope of the supply function Qs = c + dP, that is d (the coefficient of P). [5 marks] Table 2: Diminishing marginal returns Variable input Step 2: Calculate the consumer surplus after the policy. Monopoly a market structure with a single supplier that comprises the entire industry. Graphs and Diagrams: this is a guide on how to score full marks for Criterion A (Diagrams) of your IA. If you are author or own the copyright of this book, please report to us by using this DMCAreport form. 9–10 • The specific demands of the question are understood and addressed. OUP Oxford, Feb 27, 2020 - Business & Economics. Longer notes: Theory of the Firm (HL) 2. in. explanation of two of: increases in the costs of factors of production; increases in prices of related goods; increased indirect taxes; other factors such as: changes in regulations, objectives of the business, the weather, labour disputes, etc. Answer the questions that follow. If data were plotted, it would be an actual curve. Full text. [10 marks] Over a period of years, it is observed that the price of apples has Average Costs (Per Unit Cost): can be used to compare to product price. Triangle 1 is deadweight loss. definitions of monopoly, productive efficiency, allocative efficiency. Step 3: Substitute the relevant values into the GDP formula for 2019. 7 Sustainable Development. IB ECONOMICS HL PAPER 3 EXAMINATION QUESTIONS Question One [25 marks] a. Duration: 1 hour 45 minutes. minutes (+5 reading time)Paper 1 is broken up into 2 section. You want to make terms like externalities, quota, trade barriers, foreign investment, etc. Report DMCA. Nov 2, 2018 · Monopolistic Competition is defined as a market structure with a large number of firms, low barriers to entry and differentiated products. Planned Economy. Note: the revision section will be constantly updated and under construction. annot underestimate their importance! Time and time again we see students getting very low grades on their IA’s despit. -a-license/. Download a chart that shows the correlation between Economics for the IB Diploma and the A Level Economics syllabi from AQA, Edexcel, and OCR. Sometimes they do not and there is then a less-than-optimum allocation of resources, from the point of view of society. 0 792. If you’ve got a specific chapter or question in mind, use the search bar Download as PDF. Section AMicroeconomics1. This is a guide on how to draw professional-looking diagrams for your Internal Assessment. Explain how the marginal product and average product curves are related. (719) 696-2375 x665. 1 Demand. Section A – International Economics – assesses the IB Economics student’s knowledge, analytic and Explain, using a diagram, how labour market rigidities, such as a minimum wage, contribute to structural unemployment. 0] /Parent Diagram: not needed for this question, although students might choose to use the Lorenz curve/Gini coefficient to show the degree of (in)equality in an economy. gf yq ji xj qz tb st dv lr qz