2.3: Competitive Market Equilibrium | SL & HL

Syllabus

Introduction

1.1What Is Economics? Scarcity, Choice, and Economic Models 1.2Economic Methodology and the Evolution of Economic Thought

Microeconomics

2.1Demand 2.2Supply 2.3Competitive Market Equilibrium 2.4Critique of the Maximizing Behaviour of Consumers and Producers 2.5Elasticities of Demand 2.6Elasticity of Supply 2.7Role of Government in Microeconomics 2.8Market Failure: Externalities and Common Pool Resources 2.9Market Failure: Public Goods 2.10Market Failure: Asymmetric Information 2.11Market Failure: Market Power 2.12The Market’s Inability to Achieve Equity

Macroeconomics

3.1Measuring Economic Activity and Illustrating Its Variations 3.2Variations in Economic Activity: Aggregate Demand and Aggregate Supply 3.3Macroeconomic Objectives 3.4Economics of Inequality and Poverty 3.5Demand Management (Monetary Policy)3.6Demand Management (Fiscal Policy)3.7Supply-side Policies

Global Economy

4.1Benefits of International Trade 4.2Types of Trade Protection 4.3Arguments for and against trade control/protection 4.4Economic Integration 4.5Exchange Rates 4.6Balance of Payments 4.7Sustainable Development 4.8Measuring Development 4.9Barriers to Economic Growth and/or Economic Development 4.10Economic Growth and/or Economic Development Strategies

2.3: Competitive Market Equilibrium | SL & HL