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Written by a highly experienced author, teacher, former IB Economics Chief Examiner and current senior examiner, the third edition has been fully updated to meet the requirements of the new guide for first examinations in 2022. It is a thought-provoking account of economic theory and policy with numerous real-world applications, encouraging international-mindedness, development of critical and independent thinking, and inquiry-based learning. This all-in-one print and digital coursebook includes a broad variety of features ensuring students will flourish in the subject and apply their skills in a diverse and practical way. Answers to coursebook activities are found in the teacher’s resource.
Introduction to the Student and Teacher
Unit 1. Introduction to Economics:
Chapter 1. The Foundations of Economics
Unit 2. Microeconomics:
Chapter 2. Competitive markets: demand and supply
Chapter 3. Elasticities
Chapter 4. Government intervention in microeconomics
Chapter 5. Market failure and socially undesirable outcomes I: Common pool resources and negative externalities
Chapter 6. Market failure and socially undesirable outcomes II: Positive externalities, public goods, asymmetric information and inability to achieve equity
Chapter 7. Market failure and socially undesirably outcomes III: Market power (HL only)
Unit 3. Macroeconomics:
Chapter 8. The level of overall economic activity
Chapter 9. Aggregate demand and aggregate supply
Chapter 10. Macroeconomic objectives I: Low unemployment, low and stable rate of inflation
Chapter 11. Macroeconomic objectives II: Economic growth, sustainable level of debt
Chapter 12. Economics of inequality and poverty
Chapter 13. Demand-side and supply-side policies
Unit 4. The Global Economy: Chapter 14. International trade: Part 1
Chapter 15. International trade: Part 2
Chapter 16. Exchange rates and the balance of payments
Chapter 17. Further topics on exchange rates and the balance of payments (HL only)
Chapter 18. Understanding economic development
Chapter 19. Barriers to economic growth and economic development
Chapter 20. Strategies to promote economic growth and economic development
Glossary.
