ECONOMICS SL AND HL

Foundations of Economics (Whole portion)

Demand and Supply:
a) Demand (Define, meaning, movements along and shifts of the demand curve)
b) Supply (Define, meaning, movements along and shifts of the supply curve)
c) Equilibrium (Define, Meaning with respect to excess demand and supply)
d) Consumer and producer surplus
e) Allocative efficiency and its relationship with equilibrium
f) PED (meaning, define, implications in different scenarios)
g) PES ( meaning, define, implications in different scenarios)
Paper structure:
1. Section A: Extended response questions for 10 and 15 marks - Examines AO 1,2,3,4
2. Section B: Paper 2/3 style questions – Examines AO 1, 2 and 4

Economics SL

Foundations of Economics (Whole portion)

Demand and Supply:
a) Demand (Define, meaning, movements along and shifts of the demand curve)
b) Supply (Define, meaning, movements along and shifts of the supply curve)
c) Equilibrium (Define, Meaning with respect to excess demand and supply)
d) Consumer and producer surplus
e) Allocative efficiency and its relationship with equilibrium
f) PED (meaning, define, implications in different scenarios)
g) PES ( meaning, define, implications in different scenarios)
Paper structure:
1. Section A: Extended response questions for 10 and 15 marks - Examines AO 1,2,3,4
2. Section B: Paper 2/3 style questions – Examines AO 1, 2 and 4