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    Final Exam Terminology: Ib Economics Strebler

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    The document provides a list of key terms and concepts for the IB Economics final exam organized into 5 syllabus sections: 1) Introduction, 2) Microeconomics, 3) Macroeconomics, 4) International Economics, and 5) Development. Section 1 covers terms like PPF/PPC, opportunity cost, and economic systems. Section 2 covers market structures, elasticity, and government intervention. Section 3 covers business cycles, unemployment, inflation, and fiscal/monetary policy. Section 4 covers international trade, exchange rates, and payments. Section 5 covers poverty, growth models, development indicators, and strategies.

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    Final Exam Terminology: Ib Economics Strebler

    Uploaded by

    gankar123
    27 views5 pages
    The document provides a list of key terms and concepts for the IB Economics final exam organized into 5 syllabus sections: 1) Introduction, 2) Microeconomics, 3) Macroeconomics, 4) International Economics, and 5) Development. Section 1 covers terms like PPF/PPC, opportunity cost, and economic systems. Section 2 covers market structures, elasticity, and government intervention. Section 3 covers business cycles, unemployment, inflation, and fiscal/monetary policy. Section 4 covers international trade, exchange rates, and payments. Section 5 covers poverty, growth models, development indicators, and strategies.

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    The document provides a list of key terms and concepts for the IB Economics final exam organized into 5 syllabus sections: 1) Introduction, 2) Microeconomics, 3) Macroeconomics, 4) International Economics, and 5) Development. Section 1 covers terms like PPF/PPC, opportunity cost, and economic systems. Section 2 covers market structures, elasticity, and government intervention. Section 3 covers business cycles, unemployment, inflation, and fiscal/monetary policy. Section 4 covers international trade, exchange rates, and payments. Section 5 covers poverty, growth models, development indicators, and strategies.

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    Download as doc, pdf, or txt
    27 views5 pages

    Final Exam Terminology: Ib Economics Strebler

    Uploaded by

    gankar123
    The document provides a list of key terms and concepts for the IB Economics final exam organized into 5 syllabus sections: 1) Introduction, 2) Microeconomics, 3) Macroeconomics, 4) International Economics, and 5) Development. Section 1 covers terms like PPF/PPC, opportunity cost, and economic systems. Section 2 covers market structures, elasticity, and government intervention. Section 3 covers business cycles, unemployment, inflation, and fiscal/monetary policy. Section 4 covers international trade, exchange rates, and payments. Section 5 covers poverty, growth models, development indicators, and strategies.

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    IB ECONOMICS

    STREBLER

    FINAL EXAM TERMINOLOGY


    Be sure that you are clear on these terms for the IB Exam.

    SYLLABUS SECTION 1: INTRODUCTION

    PPF/PPC and diagram

    Opportunity cost

    Economic good

    Free good

    Mixed economy

    Centrally planned economy

    SYLLABUS SECTION 2 - MICROECONOMICS


    Market failure, and its forms

    Government failure

    External costs/benefits (externalities) and diagram

    Capital, Capital stock

    Human capital

    Monopoly v. monopolistic competition v. oligopoly v. perfect competition

    Demand determinants and diagrams

    Supply determinants and diagrams

    Demand (supply) shifts v. movements along demand (supply) curves


    Elasticity formulas: PED, income, PES, cross-price and diagram

    Total revenue relationship to elasticity

    Substitute v. complementary goods and formulas

    Normal v. inferior goods Injections v. leakages

    Price ceilings and floors and diagram

    Subsidy and diagram

    SYLLABUS SECTION 3 - MACROECONOMICS

    Business (trade) cycle and diagram

    Recession v. depression

    Public v. private goods

    Merit v. demerit goods

    LRAS vs. SRAS

    Cost push v. demand pull inflation and diagram

    Structural v. frictional v. seasonal v. cyclical unemployment

    Progressive v. regressive taxes

    GDP calculation

    Disposable income

    GNP v. NNP

    Inflation, deflation, disinflation, hyperinflation and diagram

    Stagflation and diagram

    Nominal v. real – “Money illusion”

    “Shoe leather” + “Menu” costs of inflation


    Full employment

    Consumption function (Keynesian cross)

    Philips curve

    Inflationary v. recessionary (deflationary) gaps

    Budget deficit vs. national debt

    Structural v. cyclical deficits

    Demand side policies and diagram

    Monetary policies and diagram

    Fiscal policies and diagram

    Supply-side policies and diagram

    SYLLABUS SECTION 4 – INTERNATIONAL ECONOMICS


    Trade balance

    Trade surplus (deficit) causes and consequences

    GATT + WTO

    Absolute v. comparative advantage

    Free trade v. protectionism

    Infant industries

    Quota and diagram

    Tariff and diagram

    Dumping

    Trade blocs v. trade barriers


    Free trade areas v. customs unions v. common markets

    CPF

    Terms of trade

    Non-tariff barriers

    Adjustment assistance

    VRAs

    Currency value determinants

    BOP

    Current account

    Capital account

    Investment vs. investment income

    Currency appreciation v. depreciation and diagram

    Fixed v. floating rate systems

    Managed floating rate system

    Hard currency

    Central bank reserves

    SYLLABUS SECTION 5 - DEVELOPMENT


    Cycle of poverty

    Absolute poverty v. relative poverty

    Harrod-Domar growth model

    External funding

    Bilateral v. multilateral aid

    Soft v. hard loans

    Tied v. untied loans


    Primary v. secondary v. tertiary sectors

    MNC

    NGO

    LDC v. MDC

    NICs

    Economies in transition

    World Bank v. IMF

    HDI

    Triple bottom line

    Economic Freedom Index

    Development v. growth

    Sustainable development

    Impediments to LDC growth, + solutions

    Capital flight

    Trade v. aid

    Import substitution (inward focused) v. export promotion (outward focused)

    Negative consequences of development

    Dual sector model

    Micro credit schemes

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