Analyse, using diagrams and with reference to excess demand or excess supply, how changes in the determinants of demand and/or supply result in a new market equilibrium. Calculate from diagrams the effects of imposing a tariff on imported goods on different stakeholders, including domestic producers, foreign producers, consumers and the government. Explain why governments provide subsidies, and describe examples of subsidies. DP3106 Published November 2010 Updated November 2011 International Baccalaureate Peterson House, Malthouse Avenue, Cardiff Gate Check out our guide to finding your target school. All rights reserved. Explain, using a diagram, how the AS curve in the short run (SRAS) can shift due to factors including changes in resource prices, changes in business taxes and subsidies and supply shocks. IB Economics is a rigorous and dynamic discipline that examines business decision-making processes and how these decisions impact on and are affected by internal and external environments. It is a study of both the way in which individuals and groups interact in an organisation and of the transformation of resources. Discuss the possible consequences of a high inflation rate, including greater uncertainty, redistributive effects, less saving, and the damage to export competitiveness. IB Economics Internal Assessment (SL Only) Economics students at the SL will produce a portfolio of three (3) commentaries based on articles from published news media. What ACT target score should you be aiming for? Describe, using examples, the meaning of frictional, structural, seasonal and cyclical (demand-deficient) unemployment. a. Discuss the arguments in favour of trade protection, including the protection of domestic jobs, national security, protection of infant industries, the maintenance of health, safety and environmental standards, anti-dumping and unfair competition, a means of overcoming a balance of payments deficit and a source of government revenue. Explain how the AD curve can be shifted by changes in consumption due to factors including changes in consumer confidence, interest rates, wealth, personal income taxes (and hence disposable income) and level of household indebtedness. Explain that due to unequal ownership of factors of production, the market system may not result in an equitable distribution of income. IB ACIO Syllabus 2021 will be here as soon as it is released from the board. If you're looking for a more in-depth idea of what you'll be learning, we've also included tables that break down certain subtopics in more detail. Our team of PrepScholar admissions experts have compiled their knowledge into this single guide to planning out your high school course schedule. Evaluate the effectiveness of fiscal policy through consideration of factors including the ability to target sectors of the economy, the direct impact on aggregate demand, the effectiveness of promoting economic activity in a recession, time lags, political constraints, crowding out, and the inability to deal with supplyside causes of instability. Explain, using a diagram, the effects of setting a quota on foreign producers on different stakeholders, including domestic producers, foreign producers, consumers and the government. (HL ONLY). Construct a diagram to show the potential effects of expansionary fiscal policy, outlining the importance of the shape of the aggregate supply curve. Examine, using diagrams, the impacts of changes in shortrun equilibrium. Calculate the unemployment rate from a set of data. Explain that the best allocation of resources from society's point of view is at competitive market equilibrium, where social (community) surplus (consumer surplus and producer surplus) is maximized (marginal benefit = marginal cost). Construct a diagram to show the potential effects of contractionary fiscal policy, outlining the importance of the shape of the aggregate supply curve. It has been written and edited by examiners and experienced teachers. Discuss the view that economic development may best be achieved through a complementary approach, involving a balance of market oriented policies and government intervention. With reference to specific examples, explain how the following factor is a barrier to development for economically less developed countries. Includes some quantitative questions. Examine, using diagrams, the impacts of changes in the long-run equilibrium. Aspirants can download the Exam Syllabus 2021 Pdf for the upcoming exams. Explain that a monetary union is a common market with a common currency and a common central bank. Homework: 15% Quizzes: 25% Exams: 35 % Ask below and we'll reply! IB ACIO syllabus 2020-21 outlines the topics that candidates need to prepare for the exam. Students answer one question from a choice of two. The proposed IB Economics course has at least the following changes: Nine new concepts to be taught: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention. DLF Galleria Road, 4910, Amaltas Dr, DLF Phase IV, Gurugram, Haryana 122022, IB Math Syllabus 2021 – AI & AA (HL & SL), Assessment Outline and Exam Tips for IBDP Chemistry. Welcome to TN economics blog, founded by Terry Ng. Distinguish between a current account deficit and a current account surplus. We promise to not send you spams. Written by an IB Examiner, it provides concise and comprehensive revision of the full syllabus so students have all the material they need for exam success at their fingertips. Examine the possible consequences of overvalued and undervalued currencies. Download. Outline the role of the balance of payments. Draw a diagram to illustrate comparative advantage from a set of data. You can refer to the above syllabus mentioned for the complete list of topics. If you know the answers to these questions, there will … Explain how factors including reducing the power of labour unions, reducing unemployment benefits and abolishing minimum wages are used to make the labour market more flexible (more responsive to supply and demand). Explain the concept of price elasticity of demand, understanding that it involves responsiveness of quantity demanded to a change in price, along a given demand curve. Discuss the possible consequences of deflation, including high levels of cyclical unemployment and bankruptcies. Explain how the AD curve can be shifted by changes in government spending due to factors including political and economic priorities. This is a complete diagram review for IB Economics SL External Assessment. With reference to specific examples, explain how the following factors are barriers to development for economically less developed countries. Explain how changes in the level of government expenditure and/or taxes can influence the level of aggregate demand in an economy.

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