Flashcards for 2. Microeconomics - IB
These interactive flashcards help IB Economics students Standard Level (SL) and Higher Level (HL) quickly review and memorize the essential definitions, formulas, and terms needed for success in IB Exams. Each card focuses on 2. Microeconomics and is aligned with the IB Economics syllabus, ensuring focused revision on microeconomics, macroeconomics, and international trade. Students can test themselves anytime, anywhere, perfect for reinforcing tricky concepts, learning IB terminology, and committing formulas to memory. By using RevisionDojo's flashcards consistently, learners turn repetition into mastery and enter the exam with confidence.
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2.3 Competitive Market Equilibrium
6 subtopics
2.3.1 Demand and supply curves forming a market equilibrium
16 flashcards
2.3.2 Shifting demand and supply curves to produce a new market equilibrium
19 flashcards
2.3.3 Functions of the price mechanism
21 flashcards
2.3.4 Consumer and producer surplus
16 flashcards
2.3.5 Social/community surplus
11 flashcards
2.3.6 Allocative efficiency at the competitive market equilibrium
15 flashcards
2.5 Elasticities of demand
6 subtopics
2.5.1 Concept of elasticity
15 flashcards
2.5.2 Price elasticity of demand (PED)
22 flashcards
2.5.3 Importance of PED for firms and government decision making
18 flashcards
2.5.4 Why PED for primary commodities is generally lower than manufactured products (HL only)
18 flashcards
2.5.5 Income elasticity of demand (YED)
18 flashcards
2.5.6 Importance of YED (HL only)
22 flashcards
2.8 Market failure - externalities, common pool resources, public goods, asymmetric information
4 subtopics
2.8.1 Marginal social benefit (MSB) equals marginal social cost (MSC).
19 flashcards
2.8.2 Government intervention in response to externalities and common pool resources
21 flashcards
2.8.3 Strengths and limitations of government policies to correct externalities
58 flashcards
2.8.4 Importance of international cooperation
19 flashcards
2.11 Market failure - market power (HL only)
11 subtopics
2.11.1 Perfect competition
19 flashcards
2.11.2 Monopoly - single or dominant firm, high barriers to entry, no close substitutes
16 flashcards
2.11.3 Imperfect competition
20 flashcards
2.11.4 Rational producer behaviour
20 flashcards
2.11.5 Degrees of market power
18 flashcards
2.11.6 Monopoly
20 flashcards
2.11.7 Oligopoly
20 flashcards
2.11.8 Monopolistic competition
20 flashcards
2.11.9 Advantages of large firms having significant market power
19 flashcards
2.11.10 Risks in markets dominated by one or a few very large firms
18 flashcards
2.11.11 Government intervention in response to abuse of significant market power
21 flashcards