Economics SL – Intro to Economics, Microeconomics 1 (Topics 1.1 to 2.6)

₹14,999 ₹10,999 (27% off) 

Start date: 2 Aug ’22
End date: 6 Sep ’22

Total no. of sessions = 16

This course is taught by Mr. Constantinos Liolios, who is an IB Examiner.

Schedule:
Tuesday 7:30 pm – 8:30 pm India Time 
Sunday 6:30 pm – 8:30 pm India Time (2 sessions)

Class code: ECONSL-1-24

Portion of the IBDP syllabus covered:

Unit 1: Introduction to economics

1.1 What is economics

Foundational concepts
Problem of choice – factors of production, scarcity, opportunity cost, economic systems
Production possibilites curve
Circular flow of income model 

1.2 How do economists approach the world? 

Economic methodology
Economic thought in a historical context

Unit 2: Microeconomics

2.1 Demand 

Law of demand
Demand curve
Non-price determinants of demand
Movements along the demand curve and shifts of the demand curve

2.2 Supply

Law of supply
Supply curve
Relationship between an individual producer’s supply and market supply
Non-price determinants of supply
Movements along and shifts of the supply curve

2.3 Competitive market equilibrium 

Market equilibrium
Shifts in equilibrium
Price controls
Consumer and producer surplus
Social/community surplus
Allocative efficiency at the competitive market equilibrium
Marginal benefit (MB) equals marginal cost (MC)

2.4 Critique of the maximizing behaviour of consumers and producers (HL only) 

Rational consumer choice assumptions
Behavioural economics – limitations of assumptions of rational consumer choice
Behavioural economics in action
Business objectives

2.5 Elasticity of demand 

Concept of elasticity
Price elasticity of demand (PED)
Importance of PED for firms and government decision-making
Reasons why the PED for primary commodities is generally lower than the PED for manufactured products (HL only)
Income elasticity of demand (YED)

2.6 Elasticity of supply 

Price elasticity of supply (PES)

• Structured online IB tuition course with live interactive online classes
• Exam oriented – answer writing style, key concepts, learning strategies, in-exam techniques, how to understand IB
  questions, learn how to recognise and solve different question types and much more
• If you are unable to attend a live class, please write to us at help@crackib.com and request recordings of the missed sessions