A comprehensive new edition of Economics for the IB Diploma. Written by a highly experienced author and former IB Economics Chief Examiner, this lively textbook offers comprehensive coverage of the Economics syllabus for the International Baccalaureate (IB) Diploma at both Standard and Higher Levels. The new edition has been extensively revised to meet the requirements of the new syllabus (effective 2011).

Table of Contents

Introduction to the student and teacher; Introduction; 1. The foundations of economics; Section 1. Microeconomics: 2. Competitive markets: demand and supply; 3. Elasticities; 4. Government intervention; 5. Market failure; 6. The theory of the firm I: production, costs, revenues and profit; 7. The theory of the firm II: market structures; Section 2. Macroeconomics: 8. The level of overall economic activity; 9. Aggregate demand and aggregate supply; 10. Macroeconomic objectives I: low unemployment, low and stable rate of inflation; 11. Macroeconomic objectives II: economic growth and equity in the distribution of income; 12. Demand-side and supply-side policies; Section 3. International Economics: 13. International trade; 14. Exchange rates and the balance of payments; 15. Economic integration and the terms of trade; Section 4. Development Economics: 16. Understanding economic development; 17. Topics in economic development; 18. Foreign sources of finance and foreign debt; 19. Consequences of economic growth and the balance between markets and intervention; Glossary; Index; Acknowledgements.