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IB Economics

Unit 1: Introduction to economics

The Ceteris modules for IB economics, Introduction to economics, listed under each specification section. Each module teaches one idea, with questions through the page.

1.1 What is economics?

Scarcity and choiceSay why every choice means giving something upConcept · 7 min · FreeOpportunity costSay what a choice costs, not just what it costs in moneyConcept · 6 minThe production possibility frontierRead a PPF and say what a point inside it meansDiagram · 7 minFactors of productionSort an input into the right factor of productionTell them apart · 6 minMarket, command and mixed economiesTell the three ways an economy can allocate resourcesTell them apart · 7 min

1.2 How do economists approach the world?

Positive and normative statementsTell a positive statement from a normative oneTell them apart · 6 min