IB Diploma Economics: 1.1 Competitive markets: Demand and Supply
This section of the IB Economics course outline what a market is and then examines the forces of supply and demand. These twin forces lie at the heart of the market-based economy. At the end of this section students will be able model both supply and demand functions and explain the factors that affect each and how consumers and businesses respond to price changes, before examining how supply and demand interact with each other.
Competitive markets: demand and supply – Topics:
Market equilibrium: demand and supply
Linear demand and supply functions and market equilibrium HL
The role of the price mechanism and market efficiency