IB Econ HL

	A	B	C
1	Chapter	Topic	Student
2	1	Understand how opportunity cost relates to choice
3	1	Can identify three basic economic questions
4	1	Able to explain purpose of a model (simplification of reality)
5	1	Understand that models are based on assumptions (self interest means downward sloping demand curve)
6	1	Understand key assumptions of economics (self-interest, rationality, utility maximization)
7	1	Can distinguish between normative and positive economics
8	1	Can define normative economics (based on opinions and values)
9	1	Can define positive economics (based on facts and evidence)
10	1	Can distinguish between different economic systems (free markets, command economy, mixed economy)
11	1	Can define the term social science
12	1	Can define economics
13	1	Understand economics as a social science
14	1	Can identify the nine key concepts of IB economics
15	1	Can define goods and services
16	1	Can define needs and wants
17	1	Can distinguish between needs and wants
18	1	Can define economic goods
19	1	Can define free goods
20	1	Can distinguish between economic goods and free goods
21	1	Can define opportunity cost
22	1	Understand how opportunity cost is related to scarcity
23	1	Can distinguish between microeconomics and macroeconomics
24	1	Can identify the four factors of production
25	1	Can give examples of the four factors of production (timber, cashier, macbook, Steve Jobs)
26	1	Understand that economics is built on models
27	1	Can draw a PPF curve
28	1	Can explain how PPF models can describe scarcity, choice, etc.
29	1	Can define free market economy
30	1	Can define planned economy
31	1	Can define mixed economy
32	1	Can compare and contrast planned vs. market economy
33	2	Can identify Adam Smith
34	2	Can identify big ideas of Adam Smith (invisible hand, division of labor, etc.)
35	2	Aware of what laissez faire is
36	2	Can explain what is meant by the term laissez faire
37	2	Can briefly describe evolution of economic thinking (reference to marginal revolution)
38	2	Can describe the thinking behind classical economics
39	2	Can briefly describe the thinking behind Marxist economics
40	2	Can describe the thinking behind Keynesian economics
41	2	Can describe the thinking behind neo-classical / monetarist economics
42	2	Can describe the growing role of behavioral economics
43	2	Understand the concept of a circular economy
44	2	Aware of key classical economists (Adam Smith, David Ricardo, Malthus, Mill, Say)
45	2	Aware of John Maynard Keynes as a Keynesian economist
46	2	Aware of Karl Marx as a Marxist economist
47	2	Can explain what is meant by the term marginal revolution
48	2	Can explain what is meant by the term diminishing marginal utility
49	2	Can explain what is meant by the term invisible hand
50	2	Can explain what is meant by labor theory of value
51	2	Can explain what is meant by the subjective theory of value
52	2	Can briefly describe what was The Great Depression
53	2	Aware of Milton Friedman as a Monetarist economist
54	2	Can briefly explain what is meant by the term Monetarist
55	2	Can describe the thinking behind behavioral economics (economics meets psychology)
56	2	Understand what is meant by the term nudge
57	3	Can define what is meant by the term market
58	3	Can define demand
59	3	Can explain what is meant by the term law of demand
60	3	Can list non-price determinants of demand (income, population size, fashion, trends, advertising, etc.)
61	3	Can explain the non-price determinants of demand (population size increases, more people buy oranges if cures cancer)
62	3	Can distinguish between a shift of the demand curve and a movement along the demand curve
63	3	Understand the relationship between an individual demand curve and market demand
64	3	Aware that supply and demand models can occur for individuals, firms, markets, and countries
65	3	Can define income effect
66	3	Can define substitution effect
67	3	Can explain what is meant by the term rationality (in the economic context)
68	3	Define behavioral economics
69	3	Explain behavioral economics
70	3	Explain some limitations of the assumptions of rational consumer choice (are people always rational)
71	3	Define the term bounded rationality
72	4	Can explain the concept of elasticity
73	4	Can define elasticity of demand
74	4	Can calculate price elasticity of demand
75	4	Aware elasticity is determined by availability of substitutes
76	4	Can define what is meant by the term substitute goods (goods that can be replaced by other goods)
77	4	Know how to calculate total revenue (P*Q)
78	4	Know how to calculate average revenue (TR/Q)
79	4	Know how to calculate marginal revenue (∆TR/∆Q)
80	4	Understand relationship between elasticity and revenue
81	4	Can explain what is meant by price inelasticity
82	4	Define income elasticity of demand (YED)
83	4	Can calculate income elasticity of demand (YED)
84	4	Can explain the differences in price elasticity of demand for firms and government decision-making
85	4	Can explain the possible range of values for income elasticity of demand (- / +)
86	4	Can understand the importance of income elasticity of demand for firms and in explaining changes in the econoomy
87	4	Can explain the determinants of price elasticity of demand
88	5	Define supply
89	5	Can explain what is meant by the law of supply
90	5	Can draw a supply curve model
91	5	Can list the non-price determinants of supply
92	5	Can distinguish between a shift and movement along a supply curve
93	5	Can understand the relationship between individual production and market supply
94	5	Can explain the assumptions underlying the law of supply
95	5	Define total product (TP)
96	5	Can give formula of average product (AP) = TP/Q
97	5	Can calculate average product (AP)
98	5	Can give formula of marginal product (MP) ∆TP/∆Q
99	5	Can calculate marginal product (MP)
100	5	Can calculate marginal cost (MC) ∆TC/∆Q