5 of the Economics glossary’s terms, each with the part of the syllabus where you first meet it.
One of the nine key concepts used to frame a commentary's analysis of its article; each commentary in a portfolio must use a different one, assessed under criterion D.
The nine central ideas that run through IB Economics: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence and intervention.
The Keynesian view of aggregate supply: a curve that is horizontal when there is much spare capacity, slopes upwards as output nears capacity, and becomes vertical at the full employment level of output.
The school of thought based on John Maynard Keynes’s work, which holds that insufficient aggregate demand can keep an economy below full employment for long periods, so governments should actively manage demand.
The ratio of the final change in real GDP to the initial change in an injection (investment, government spending or exports) that caused it; equal to 1 ÷ (1 − MPC) or 1 ÷ (MPS + MPT + MPM).