Economics revision.

What you can use

Read topic notes, review flashcards and attempt original practice questions. Compare your written answers with suggested markschemes and solutions. Relevant quantitative lessons include equation references.

Choose your study level inside the workspace. HL extensions are labelled and filtered by level.

Topics and guidance

• Scarcity, choice and opportunity cost
• Production possibilities and economic growth
• Economic methodology and changing ideas
• Demand, supply and market equilibrium
• Consumer behaviour and market efficiency
• Price and income elasticity of demand
• Price elasticity of supply
• Indirect taxes and subsidies
• Price ceilings, floors and labour markets
• Externalities and common-access resources
• Public goods and equitable access
• Asymmetric information · HL
• Costs, revenues and profit · HL
• Competition and monopoly · HL
• Monopolistic competition and oligopoly · HL
• National income and the circular flow
• Aggregate demand and aggregate supply
• Economic growth and the business cycle
• Unemployment and labour-market adjustment
• Inflation, deflation and price indices
• Inequality, poverty and economic well-being
• Monetary policy and interest rates
• Multiplier and quantitative fiscal analysis · HL
• Supply-side policies and objective conflicts
• International trade and comparative advantage
• Protectionism: tariffs, quotas and subsidies
• Economic integration and trade organizations
• Exchange rates and exchange-rate systems
• Balance of payments and external adjustment
• Sustainable development and development indicators
• Barriers to growth and development
• Aid, investment, debt and financial inclusion
• Development strategies and policy evaluation
• Data response, diagrams and quantitative policy skills
• Internal assessment and evaluative writing
• Fiscal policy, budgets and automatic stabilizers
• Inflation, unemployment and the Phillips curve · HL

Coverage and course references

Broad original revision for the first-assessment-2022 course: introductory reasoning, microeconomics, macroeconomics, the global economy and assessment skills. Public IB subject-brief headings inform organization; this is not a certified statement-by-statement guide map. Dedicated SL/HL fiscal basics accompany an HL-labelled multiplier lesson.

Check the detailed course map and assessment references for the specification covered. Later exam sessions may use a revised syllabus. Notes and practice have not been independently verified throughout.

Official IB course reference →