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International Baccalaureate: Economics

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  • Peer Reviewed essays 1
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    Economics Article Commentary. London gets EU reprieve over air pollution. The air pollution is a kind of Negative externalities of consumption.

    3 star(s)

    The tiny sooty particles in London's air are believed to cause asthma, cardiovascular problems, lung cancer and premature death. The negative externalities of consumption produced here make the marginal social benefits in each case less than the marginal private benefits. The marginal social benefit is equal to the marginal private benefits plus the external benefits. If these goods are being over-consuming, then for some of those goods, the overall cost to society is greater than the benefit received . The graph below shows the effect of a negative externality of consumption. According to the article, people who drive cars enjoy the private benefits of the cars, but this will create external costs for other people.

    • Word count: 699
  2. Alabama's Cigarette Tax Article. The basic economic problem in this article is negative externalities. An externality occurs when there is a divergence between social and private costs and benefits.

    "I think we will have a better chance this year because of the budget being so bad," said Todd newspapers. "I think we cut all that we can cut." State Representative Joe Hubbard filed a bill to raise the state tax cigarettes $ 1 for a pack, which will raise approximately $ 230 million estimated in the year, the report said, referring to the Legislative Finance Office. All funds raised will go to the Hubbard bill Medicaid in a state agency, which relies on the general fund and provides medical care for the poor and disabled.

    • Word count: 1177
  3. IB Economics Commentary - Australia MPs Pass Carbon Tax The Guardian October 12, 2011

    Pollution includes increase in fossil fuel burning, which would release CO2 into the atmosphere and the loss of carbon sinks. Also, it is said that CO2 emissions harm ocean's ability to absorb carbon. The firm will only be concerned with its private costs and will produce at Q1. It is not producing at the socially efficient output, where the marginal social cost is equal to the marginal social benefit. This means that at a price of p* from figure 1 would create Q*.

    • Word count: 750
  4. World Economics assignment. The core economic issues that are focused on in this report are trade, international payments, exchange rates and economies undergoing change.

    Additionally, world trade has made an overall increase in standard of living. Specifically, a host of job vacancies offered by muti-national companies help solving the employment problem, then corporation' revenue and individual revenue are elevated. Consequently, increased tax will be invested to welfare and infrastructure system. Analysis on Element 2 According to wikipedia, "Free trade is a system of trade policy that allows traders to act and or transact without interference from government. According to the law of comparative advantage the policy permits trading partners mutual gains from trade of goods and services.(1)"

    • Word count: 3194
  5. Elasticity Case Study - the Price of Oil in Venezuela

    Supply is the sum of all quantity of supply the firms in a market is willing to produce at a certain price. This makes up the supply curve, which can shift when the factor of production is altered. Demand is the sum of all individuals' demand of a good/service at a certain price. This makes up the demand curve If the product is a normal good, the demand will vary directly with income. If the consumer's preference is changed, the demand curve will be shifted.

    • Word count: 632
  6. Billions of Americans are making minimum wage but is that really enough for a family to live on? Some believe that minimum wage increases would actually stimulate the economy rather that hurt it.

    Some believe that minimum wage increases would actually stimulate the economy rather that hurt it. Michael Reich, an economics professor and director of the Institute for Research on Labor and Employment at the University of California, Berkeley, said his research has shown that businesses don't suffer from having to dish out slightly higher wages to their lowest-paid employees. In fact, he argued there are benefits to employers. "The labor market absorbs the minimum wage," said Reich. "Turnover goes way down when there's a minimum-wage increase. Employees -- when they stay longer, they'll be more experienced and more productive.

    • Word count: 597
  7. An Investigation of Vietnam's Barriers of Economic Growth and Development

    The problem is that the imports are of a higher value than the exports and this is the consequence of relying on a narrow range of primary products (This point on low value exports will be elaborated on, under cultural factors). Similarly, the government is blowing its budget, causing the fiscal deficit to rise to 7.4% of GDP in 2010, which shows the extent at which the government's total expenditure has exceeded the revenue that it generates. This overshot the government's target of 6.2%.

    • Word count: 2026
  8. Commentary on Indian News Article "Food prices push inflation to 6.95%"

    Most economists believe that RBI should not hasten to cut policy rates tomorrow, even as manufactured product inflation has come down. "Although inflation related to non-food manufactured products declined in February, this benefited from a favourable base effect, with the index level rising by 0.4 per cent in month-on-month terms," said Aditi Nayar, economist at rating agency ICRA. "In such a situation, the elevated price of crude oil stoking domestic inflationary pressures poses a significant concern. Accordingly, we expect the RBI to leave the repo rate unchanged."

    • Word count: 1363
  9. IB Economics IA Commentary. Title of Extract: EU imposes dumping tariffs on Chinese tile-makers

    He added: "There is no reason why we should be less competitive in Europe than when we export outside of the EU." The provisional duties apply to glazed and unglazed ceramic flags and paving, hearth or wall tiles and unglazed ceramic mosaic cubes. (c) 2011 European Voice. All rights reserved. According to the provided article, the European Commission (an executive branch of the European Union) has recently resorted to the implementation of a protective tariff of up to 73% on Chinese ceramic products in order to protect the European market from Chinese dumping techniques (Protective tariff - "a tariff designed

    • Word count: 993
  10. IB Economics IA Commentary. Title of Extract: Economys gains fail to lower jobless rate

    That is the second-lowest level since July 2008. Applications have fallen below 425,000 in four of the past five weeks-a significant improvement after hovering most of the year above 450,000. But the unemployment rate rose in November to 9.8 percent. Employers added only 39,000 net new jobs. The economy needs to generate more than 200,000 jobs a month consistently to make a dent in the unemployment rate. In addition, applications for unemployment benefits need to fall to 375,000 or below before job gains are likely to get to that level, economists say.

    • Word count: 1137
  11. IB Economics IA Commentary. Title of Extract: OPEC will pump more oil, assures Saudi Arabia

    Non-OPEC countries were expected to continue to raise production, he said. "The market this year will be in total equilibrium in terms of supply and demand," he said. "I expect price stability to continue at last year's rates. ''The only thing I am concerned about is the upward or downward pressure of speculators, analysts and future market investors on prices away from natural market fundamentals." He said spare capacity would remain at 4 million barrels per day, and for OPEC as a whole at 6 million.

    • Word count: 1048
  12. Analysis of Singapore's GDP and Inflation figures.

    GDP growth decelerated, indicating that the economy is in contraction phase, consumer demand of the production will decrease. In general, the higher GDP of Singapore means the better economic development, rising interest rate, its currency exchange rate is strong. There are so many different elements that affect the GDP growth of Singapore, in my opinion, one of the reasons is global economy. As a result of the global economic downturn, the economy of Singapore has been shrinking dramatically. Singapore's economy can not maintain the pace of strong growth in 2010, because Singapore's economy is mainly dependent on exports and exports

    • Word count: 1293
  13. Economics commentary on SpiceJet buys 30 Q400 aircraft from the times of India (website) and the article was published on 30th of August, 2011.

    This plan to improve air connectivity by SpiceJet has given a lot of satisfaction to many people as their travel has been made much more easier for many citizens of India. Also this the first time that any airline in India has bought these new changes and it allows the company to have monopoly, when concerning these particular routes.

    • Word count: 512
  14. UK Car Scrappage Scheme. This essay will firstly display and show the effects of the governments new scrappage scheme on the market for new cars, supported by diagrams and some details. Then the essay will show the impact of the new scheme on the

    The essay also will show if this policy will have a beneficial or detrimental effect on the environment. Then will illustrate the advantages and disadvantages of the UK car scrappage scheme and concluding whether if it is a good policy or otherwise. The market for new cars: Looking at the economic theories, we can see that when there is a change in price there will be change and demand and therefore change in supply, In other words, when price increases the quantity demanded will decrease. And when price decreases the quantity demanded will increase. But the movement will be along the demand curve not movement of the curve itself.

    • Word count: 1591
  15. Econ commentary. The article talks about inflation in China. The CPI rose 4.9% in February.

    Higher oil prices have contributed to inflation. "On march 23, crude oil prices reached their highest level since Sept 26, 2008, with prices for May settling at $105.75, a barrel on the New York Mercantile Exchange. It is estimated that increase in energy prices will lead to an increase in 7.2 % in February in the producer price Index. A second cause is rising global commodity prices, such as petroleum, copper, cotton or any standardized product that usually refers to a good produced in the primary sector.

    • Word count: 820
  16. Economics commentary - The economic crisis caused deflation in 2009, but consumer price levels rose again in late 2010. This essay aims to investigate the reasons behind Irelands persistent inflation.

    A) RISING PRICES OF ENERGY Oil prices have fluctuated greatly since the 1990s. Even though the strength of the Euro have dampened some of the events, as prices of oil are reported in US dollar, and conversion rates may reduce some of the impact, there is still a considerable increase in price. The Irish economy is heavily dependent on imported oil, 98.3% in 2008, which is much higher than the euro area average of 69.0% (shown in Diagram ) Oil products are currently the most important component of energy in the Irish economy, representing 64.8% of final energy consumption, compared with the Euro zone average of 43.9%.

    • Word count: 1131
  17. Why do political questions so often boil down to economic issues? Is it healthy?

    Corporations are big powerful companies which took over the government and are governed by their own rights. On the one hand these corporations fill the market with products, which are supposed to fulfill our human needs. In fact they produce more goods than a man needs. On the other hand the corporations are tyrants that do not care about human beings but only about their own interests. My question is : "Why do the large corporations mainly produce goods in the east, and why do they employ young children?

    • Word count: 1065
  18. Smoking in the UK - economic analysis of its costs.

    Raising tobacco prices through taxation can result in significant benefits to the economy. For instance, a 5% price increase would result in 190,000 fewer smokers and increase government revenue by �520 million per year in the first five years. As can be seen in figure 1, the numbers show that between 1991 and 2001 the retail price of cigarettes increased by about 80% in real terms. This is explained to a large extent by tax increases; over the same period the proportion of tax in the retail price rose from 73% to 80%.

    • Word count: 1574
  19. IB Price Floors Commentary. Rice from Thailand was being sold at 13,00 thousand baht, however the price floor that the government has introduced has pushed the lowest price for rice up to 15,000 baht

    This will cause the supply curve to shift to the right as shown in diagram 1 below. The effect of the price floor is shown in diagram 2 below. Before the government decided to add the price floor, the market equilibrium was at quantity Qe at the price Pe.

    • Word count: 334
  20. Explain how barriers to entry may affect market structure

    This essay will examine the relationship between barriers to entry and market structure In perfect competition and monopolistic competition, where there are many small firms, firms are able to enter or leave the market freely. This means that the existing firms do not have the ability to stop new firms from entering or leaving the market if they so desire. In the case where the existing firms are making abnormal profits, the positive economic profit arising when AR > AC, new firms are attracted into the industry because of the absence of entry barriers and by the opportunity to make abnormal profits.

    • Word count: 520
  21. Explain why the government might choose to grant a subsidy to producers of wheat.

    If a subsidy is granted to producers of wheat, their costs of production will be lowered. Producers can choose to pass this on to consumers by lowering their prices, thus achieving the government's aim of increasing consumption. Without a subsidy, the original equilibrium would be at price P1 and quantity Q1. Following the introduction of a subsidy, the supply line would shift outwards, because it will have become cheaper for firms to produce their goods. This is represented by the change in equilibrium to price P2 and quantity Q2, as price will decrease and quantity will increase.

    • Word count: 429
  22. The structure of the EU budget and its allocation

    X - European External Action Service The vast majority - 95% of the EU budget - goes to fund concrete activities on the ground in the many areas of EU policy. This expenditure ("operational appropriations") is paid out by the Commission (Section III). However, section III also includes a small amount of administrative expenditure necessary for the Commission to function. All the other sections of the budget deal solely with the administrative expenditure of the institutions. ESTABLISHING THE INITIAL BUDGET Budgetary procedure 2010 The Commission adopted the Preliminary Draft Budget for 2010 on 29 April 2009.

    • Word count: 3479
  23. Strategic and Operational Performance Assessment at Petrom

    Petrom is an important player in the Romanian gas market, covering all gas market segments. In order to leverage the value of natural gas, management decided to further expand the value chain by developing our power generation business. The company is also a significant player in the Romanian chemical industry, with Doljchim chemical plant being an important contributor to the production of chemical fertilizers and methanol for both the domestic and export market. Industry and competitor analysis Petrom, the largest oil and gas producer in South Eastern Europe, has contracted a three-year credit lie of 375 million euros, the company reports.

    • Word count: 3591
  24. Economics IA Commentary - Protectionism. Title of Extract: China Expands Export Quotas with New Rare-Earths Policy

    Sources told Dow Jones Newswires earlier that China Nonferrous Metal Mining Group and China Min metals will be in the lead. China, which supplies around 95 per cent of the world's rare earth metals, has been tightening its control over the sector by raising the threshold for entry, imposing stricter environmental standards and slashing export quotas. First-half 2011 quotas total 14,508 tonnes, down about 35 per cent from the same period last year, according to the Ministry of Commerce. These measures have boosted rare earth prices and made export quotas much more valuable.

    • Word count: 1657
  25. Economics IA Commentary - Market Failure. Household energy bills will increase by 50 as the impact of green taxes triples over a decade, new research shows. By James Kirkup,

    Household energy bills are increased by a number of Government environmental policies, including the Renewables Obligation and other levies applied to energy usage to fund low-carbon power generation. Energy companies also face charges for schemes including the European Union's Emissions Trading Scheme, costs which are then passed on to customers. "Green" levies are meant to increase the price of carbon-emitting energy use, with the aim of funding alternative sources and encouraging consumers to change their behavior. Much of the money raised by such levies does not end up with the Treasury, but "green taxes" are regarded with suspicion by some consumers, who regard them as a disguised revenue-raising measure.

    • Word count: 1314

Economics is a social science which studies how resources are utilised and the production, consumption and transfer of wealth. It looks at how human decision-making affects the relative prosperity of nations and societies and the factors which inform these decisions. As a social science, it relies on scientific methodology, analysis and the fact that it underpins economies makes it relevant on a daily basis. Indeed you will be encouraged to keep a keen eye on the news as many of the theories and topics you will be studying will be exemplified on a regular basis.

The IB course will cover macro-economics: those theories which deal with the economies of countries and the economic decisions of governments. It also covers microeconomics which looks at the variables which affect companies, individuals and markets. Other topics you'll cover are development economics and international economics and a global perspective is a key element of the course.

There are three examinations requiring a variety of techniques including essay writing. Marked by Teachers can help you gain the key skill of writingextended answers with their impressive collection of IB Economics essay examples. There is also internal assessment, which requires a portfolio of commentaries based on topical economic news items.


Conclusion analysis

Good conclusions usually refer back to the question or title and address it directly - for example by using key words from the title.
How well do you think these conclusions address the title or question? Answering these questions should help you find out.

  1. Do they use key words from the title or question?
  2. Do they answer the question directly?
  3. Can you work out the question or title just by reading the conclusion?
  • Evaluate the policies available to a government that wishes to reduce unemployment rate

    "For this essay, I have only compared two policies of structural unemployment as it would not be equal to compare a policy for a type of unemployment (i.e. frictional) then another policy to help another type of unemployment (to seasonal) as the policies are dependent on their respective types. Therefore in conclusion, I think that although the first policy of skills training has its drawbacks, like being effective only in the long run, it does have great benefits in solving structural unemployment, and it does outweigh the second policy, as the negative effects the second policy might have on its people is higher, therefore I think the first policy is a more permanent solution to reducing unemployment."

  • Discuss the proposed introduction of a graduate tax in Scotland

    "In conclusion , we have to accept that graduation tax will be a very smart move if applied as it is going to help the government , the students and also the universities to pass this big economic crisis .During this essay we saw politicians , academics ans also people who represent the students who agreed about this measure and find it really positive and there were also groups such as the Institute of Directors which stated that the negative impact is bigger than the positives .It was also reported from the president of NUS that students will only accept this measure only , if some other changed will take place , such as public funding . 792 Words"

  • Discuss and evaluate the proposition that perfect competition is a more efficient market structure than monopoly.

    "In conclusion, the statement that claims that a perfect competition is more efficient than a monopoly is true. Perfect competition satisfies both methods of measuring efficiency, whereas a monopoly satisfies none, when profit maximizing. In a perfect competition, the consumer and producer surpluses are maximized, meaning Pareto optimality is achieved. Additionally, the lower prices of goods, means that the consumer has more disposable income to buy other goods, yielding a positive externality to third parties. This also aids economic growth. A monopoly often loses incentive to invest in their goods and products due to them being the sole seller of their good. This stalls advancements in technology, and means the PPC does not shift further outwards, stunting economic growth."

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