Microeconomics Articles

IB Microeconomics articles covering demand, supply, elasticity, government intervention, market failure, and diagrams.

Scarcity, Choice and Opportunity Cost in IB Economics

A clear introduction to scarcity, choice, opportunity cost and the core foundations of IB Economics.

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Microeconomics

Microeconomics in IB Economics: Individuals, Firms, Markets and Government Intervention

A clear overview of IB Microeconomics, covering demand, supply, market equilibrium, elasticity, government intervention and market failure.

Price Elasticity of Demand: How Responsive Consumers Are to Price Changes

A clear IB Economics explanation of price elasticity of demand, including elastic and inelastic demand, determinants of PED and total revenue effects.

Price Elasticity of Supply: How Responsive Producers Are to Price Changes

A clear IB Economics explanation of price elasticity of supply, including elastic and inelastic supply, determinants of PES and why producer responsiveness matters.

Income Elasticity of Demand: Normal Goods, Inferior Goods, Luxuries and Necessities

A clear IB Economics explanation of income elasticity of demand, including normal goods, inferior goods, luxuries, necessities and why YED matters.

Movement Along a Curve vs Shift of a Curve: The Most Important Diagram Distinction in IB Economics

A clear IB Economics explanation of the difference between movements along curves and shifts of curves in demand and supply diagrams.

Market Failure in IB Economics: When Markets Allocate Resources Inefficiently

A clear IB Economics explanation of market failure, including externalities, public goods, asymmetric information, market power, equity and government responses.

Price Controls in IB Economics: Price Ceilings, Price Floors, Shortages and Surpluses

A clear IB Economics explanation of price controls, including price ceilings, price floors, shortages, surpluses and stakeholder effects.

Externalities in IB Economics: Negative Externalities, Positive Externalities and Third-Party Effects

A clear IB Economics explanation of externalities, including negative externalities, positive externalities, third-party effects, welfare loss and government responses.

How to Draw Externality Diagrams Without Memorising

Learn a step-by-step method to draw externality diagrams for IB Economics without rote memorisation. Perfect for students preparing for exams.

Jul 8, 2025

5 min read

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