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Market failure

IB Economics Microeconomics

Market failure The failure of the market to allocate resources efficiently. Market failure result...

Updated 1 year ago by Long Haoran

Government interventions

IB Economics Microeconomics

Taxes Charges that are imposed by governments on people and business. Direct taxes Taxes the i...

Updated 1 year ago by Long Haoran

Fundamental

IB Economics Microeconomics

Positive economics Positive economics deals with areas of the subject that can be proven to be r...

Updated 1 year ago by Long Haoran

Elasticities

IB Economics Microeconomics

Elasticities The responsiveness of an economic variable (such as the quantity demanded or supplie...

Updated 1 year ago by Long Haoran

Demand and supply

IB Economics Microeconomics

Market A place, physical or virtual, where buyers and sellers of goods and services meet to make ...

Updated 1 year ago by Long Haoran

Cost and marginal values

IB Economics Microeconomics

Firm A business organization that buys or hires factors of production in order to produce goods a...

Updated 1 year ago by Long Haoran

Behavioural economics

IB Economics Microeconomics

Utility The happiness of satisfaction that consumer receives from the consumption of one product....

Updated 1 year ago by Long Haoran

Unemployment

IB Economics Macroeconomics

Aggregate demand for labor (ADL) The total demand for all the labor that produce an economy’s goo...

Updated 1 year ago by Long Haoran

The level of overall economic activity

IB Economics Macroeconomics

The circular flow of income model A simple model of the economy showing flows of goods and servic...

Updated 1 year ago by Long Haoran

Supply-side policies

IB Economics Macroeconomics

Supply-side policies Supply-side policies aim at increasing potential output (the overall product...

Updated 1 year ago by Long Haoran

Inflation

IB Economics Macroeconomics

Inflation A persistent increase in the average price level in the economy, usually measured throu...

Updated 1 year ago by Long Haoran

Inequality

IB Economics Macroeconomics

Inequality & equity Equality in distribution of income = a narrow wealth gap Equity in distributi...

Updated 1 year ago by Long Haoran

Economic growth

IB Economics Macroeconomics

Economic growth An increase in the total output of goods and services (real GDP) in an economy ov...

Updated 1 year ago by Long Haoran

Demand-side policies

IB Economics Macroeconomics

Governments earns revenue primarily from: Taxes (direct and indirect) Sale of goods and services...

Updated 1 year ago by Long Haoran

Aggregate demand and aggregate supply

IB Economics Macroeconomics

Aggregate demand (AD) The total planned expenditures (spending) by households, firms, government ...

Updated 1 year ago by Long Haoran

Protectionism

IB Economics Internal trade

Tariffs A tax impose on imported goods. (regressive tax). It is regressive because the tariff on ...

Updated 1 year ago by Long Haoran

Strategies 3

IB Economics Developmental economy

Non-government organization The private organizations that pursue activities to relieve suffering...

Updated 1 year ago by Huang Junhui

Strategies 2

IB Economics Developmental economy

Multinational competition Companies that have established a presence has productive units in more...

Updated 1 year ago by Huang Junhui

Strategies 1

IB Economics Developmental economy

Import substitution To reduce domestic consumers’ dependence on imported goods, for which they su...

Updated 1 year ago by Huang Junhui

Introduction

IB Economics Internal trade

International trade It means the exchange of goods and services between countries. Cost and Benef...

Updated 1 year ago by Long Haoran