IB Economics HL
In the IB Economics HL (Higher Level) Key Understandings section, you will find summary videos that will help you review the most important concepts and skills necessary for success. They are ideal for a quick refresher before tackling questions in the Revision Town Questionbank or Practice Exams sections of the website.
Topic 1: Foundations
Topic 2 - Part I: Microeconomics Part I
Demand & Supply, Equilibrium
Law of Demand • Law of Supply • Determinants • Price Mechanism • Allocative Efficiency
Elasticities
Price Elasticity of Demand (PED) • Income Elasticity • Price Elasticity of Supply (PES)
Behavioural Economics
Bounded Rationality • Cognitive Biases • Nudge Theory • Heuristics
Topic 2 - Part II: Microeconomics Part II
Topic 3: Macroeconomics
Economic Output, AD & AS
Economic Activity • Business Cycle • Aggregate Demand & Supply
Macroeconomic Objectives
Economic Growth • Unemployment • Inflation
Inequality & Poverty
Equality & Equity • Poverty • Addressing Inequality
Monetary Policy & Fiscal Policy
Monetary Policy • Interest Rates • Fiscal Policy • Evaluation
Supply-Side Policies
Market-Based & Interventionist Policies • Effectiveness
Topic 4: The Global Economy
Free Trade & Trade Protection
Benefits of Trade • Protection Arguments • Against Trade Protection
Economic Integration
Trade Agreements • Blocs • Monetary Unions • WTO
Exchange Rates & Balance of Payments
Types of Exchange Rates • Currency Markets • The Balance of Payments
Economic Development
Economic Development Indicators • Composite Indicators • Economic Growth
Promoting Economic Growth & Development
Poverty Traps • Barriers • Strategies