IB Economics SL study guide
IB Economics SL · Work through your exam, one topic at a time.
IB Economics SL is the standard-level economics course within the International Baccalaureate Diploma Programme, assessed by external papers and an internally assessed commentary portfolio. It suits students who want a rigorous, internationally recognised qualification in economic reasoning rather than a purely vocational or single-country syllabus. The IB Economics SL study guide has 7 sections and about 2,020 words.
01Introduction to economics: scarcity, choice, opportunity cost, systems and PPC
The Introduction to economics domain checks whether you can apply scarcity, choice and opportunity cost to real decisions, interpret production possibility curves (PPCs), and distinguish economic systems. IB SL questions often ask you to calculate opportunity cost from a PPC or table, explain a movement versus a shift, and classify statements as positive or normative.
343 words, about 2 min02Microeconomics: competitive markets, elasticity and efficiency
Competitive markets questions test demand and supply, equilibrium, elasticity and allocative efficiency. Expect calculations of equilibrium price and quantity, PED/PES/YED/XED, and explanation of how shifts change price and quantity and welfare.
287 words, about 1 min03Microeconomics: government intervention and market failure
This domain examines market failure and government responses: externalities, public goods, common access resources, price controls, indirect taxes and subsidies. You must diagram welfare losses, evaluate policies and identify winners and losers.
316 words, about 2 min04Macroeconomics: economic activity, AD/AS and objectives
Macroeconomic activity, AD/AS and objectives. You need the circular flow, AD components, short-run and long-run AS, gaps, and the meaning of growth, unemployment, inflation and the balance of payments.
277 words, about 1 min05Macroeconomics: fiscal, monetary and supply-side policy
Fiscal, monetary and supply-side policy, and the macroeconomic environment. You must match instruments to objectives, explain transmission mechanisms, and evaluate conflicts and constraints.
257 words, about 1 min06The global economy: trade, exchange rates, BoP and integration
International trade, exchange rates, the balance of payments and economic integration. You need comparative advantage, trade protection, exchange-rate determination and the structure of the BoP.
285 words, about 1 min07The global economy: development and globalization
Development economics and globalization. You must distinguish growth from development, use indicators such as HDI, explain poverty/inequality, and evaluate trade, aid, FDI and globalization.
255 words, about 1 min