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International Baccalaureate: Economics

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  1. What is scarcity?

    In basic terms, scarcity applies to all things with a "nonzero" value. From those insufficient amounts of things with a "nonzero" number, problems like poverty, hunger, and multiple complications arise. An example as to when scarcity occurs on a minute scale is when one has an economics and math exam on the same day. Which do you study for the most if both at all? Scarcity is the reason why economists exist. Actually, scarcity causes all societies to ask the same question.

    • Word count: 560
  2. Econ IA-Supply and Demand

    "In the discounting phase we see retailers like Woolworths, 7-Eleven, United and many of the other independents who are driving the discount down through the entrenched cycle. "They see what each is doing and they have this [Informed Sources] website where they exchange information. "We believe that that is what we've described as coordinated conduct. It's not collusion as described in the act, so we're not saying it's a breach of the act. "But nevertheless it's an issue that for us causes some concerns and we've raised that issue with the Government."

    • Word count: 1183
  3. Risk management

    NET: Libor - 30 bps 6.0% If no swap, ABC would have had to pay Libor + 10bps to get a floating rate loan, but instead pays Libor - 30 bps (a savings of 40 bps). XYZ would have had to pay 6.4% for a fixed rate loan, but instead pays 6%. The 10 bps difference goes to the intermediary and is funded entirely by XYZ Corp which is the low quality borrower. 2. Explain carefully the difference between writing a put and buying a call option.

    • Word count: 820
  4. Price descrimination and monopolistic competition

    -examples: Mechanics, plumbers, jewellers, hair dressers, restaurants... - Different market structure from a perfect competition: Consumers often become loyal towards a certain good or service: This leads to an elastic demand, since consumers would not stop purchasing the goods/service if the price rises/sinks. -There is a freedom of exit or entry into the competition. Short run: -there is the possibility of making abnormally high profits the short run period, or abnormally low profits. If the profits are low, firms often leave during the short run period. Long run: -If firms make abnormally high profits during the short run, other firms will join the industry since there is free entry or exit to the market.

    • Word count: 683
  5. Commentary: China Escalates Fight over European Shoe Tariff (The New York Times)

    As China is a country that has more than enough labour to manufacture products for sale quickly and cheaply, their export sales are very high as they can export the massive amounts of goods they can produce. This is very beneficial to China because they can usually produce, transport and sell at parity or cheaper with the domestic suppliers of a nation, making their goods very competitive. However, the European attachment of a tariff limits that ability to compete. Simply put, a tariff is a tax attached to the price of a foreign good by the domestic government.

    • Word count: 719
  6. Commentary: Canadian dollar dives on inflation report (The Globe and Mail)

    The demand for Canadian oil has been going down, meaning that the current account, which is to say the value of our exports compared to our imports, is loosing value. It is because oil is a main export that the current account is being impacted so heavily and because of this loss, the demand for our currency which would be used to purchase that oil has gone down. In comparison, the investing climate in the country suggests a change in the capital account, or the difference between the amount foreign firms has invested within our country and the amount we have invested abroad.

    • Word count: 720
  7. Microeconomics Commentary

    Also, the PED of demand declines as price moves down the demand curve. The demand for necessities is relatively inelastic because people are willing to pay whatever price they can get for a good that is a necessity. On the other hand, supply is the ability and willingness to sell (produce) specific quantities of a good at alternative prices in a give time period. The market supply depends on the behavior of all the individuals willing and able to supply a good at some price. Also, the law of supply is the quantity of a good supplied in a given time period increases as its price increases.

    • Word count: 739
  8. Monopolies or Perfect Competition

    Normal Profit is when a companies total revenue is equal to its total cost including opportunity cost. This means that consumers pay much more than necessary for their products because the price at which the firm sells them for is much higher than the cost of the actual production of that product. Although, monopolies can also be positive in that when only one firm controls a whole market because this causes economies of scale meaning that the average cost per unit can go down making the goods cheaper to produce meaning a lower price than there could have been had there been more firms producing because their average costs would be higher.

    • Word count: 602
  9. Japan Increases Export Despite Downturn

    As people expect economic conditions to worsen under the effects of the global recession and also experiencing unemployment rate rising up, they are likely to reduce their consumption today in order to save for the future. Therefore, shifting the aggregate demand curve from AD to AD2, seen in Fig.2. When people start to save more money than they spend, it reduces the amount of money flowing in the economy and eventually leads to a decrease in the national income from Y1 to Y2.

    • Word count: 721
  10. Free essay

    Commentary on six Economics Articles

    Daddona says "We thought there was going to be some let up, so we were a bit surprised (at the statewide statistics) but when we saw the national numbers and the job losses were larger than anticipated and larger than the previous month, I think what we're seeing in Connecticut is just a reflection of what's happening nationally." This article shows an example of the current recession and employment in Connecticut, as we always discussed in the class. According to the article "Pfizer Reports 26 Percent Earnings Increase", Lee Howard states that Pfizer's earnings are up 26 percent compared to last year.

    • Word count: 1382
  11. Failing Auto Industry In Detroit

    The income elasticity of demand for vehicles, which can be classified as a superior good, tends to be high. In this case, when the consumer's annual income decreased due to the recession, they stopped purchasing vehicles, which are non-essential, and shifted the demand curve for new vehicles from D to D1. Furthermore, consumers now have very negative expectations for the economy because of the recession. In this case, change in one of the determinants of demand called expectation, as when car buyers would not make such a commitment to own a vehicle when they can't even secure their jobs.

    • Word count: 737
  12. US Tariff On Solar Panels

    When the US imposed a tariff on the imported solar panels, the world supply will decrease since it will be less profitable for Chinese manufacturers to trade with the US because of increased production costs. As a result, the supply curve of the world S(World) will move upwards to S(World)+tariff and the price of the market will increase to Pw+T. At this price, US firms will be able to compete with any overseas firms up to a quantity of Q2.

    • Word count: 715
  13. IB Macroeconomics Commentary

    In his written report, Dhawan did cite some hopeful signs. Businesses that do see additional demand and consumers that are willing to borrow will have an easier time getting the cash they need, he said. "Credit markets are beginning to thaw and that is a good sign." Nationally, the economy will probably grow this current quarter - but at less than a 1 percent pace, said Dhawan. The economy will likely shrink at a similar pace in the next quarter, he said.

    • Word count: 1269
  14. Economics commentary. The article talks about the launching of the cheapest car ($2500 U.S only) in the world by Tata Motors, by the name Nano. In this commentary I will analyze its effects on demand[1], supply[2], externalities[3] and price[4].

    to the right (D') (refer figure 1). Nano market E The increase in demand will attract Tata (the producer8) to produce more of this car. Therefore, the supply of Nano will increase, leading to a shift of the original supply curve9(S) down to the right(S'). These shifts in demand and supply curve will lead to a change in equilibrium10 point (E) of the Tata Nano market. The new equilibrium point (E') will have a greater quantity traded between consumers11 and producers. The price of Tata Nano will fairly remain constant or undetermined. The second cheapest car in the world costs twice as much as this car.

    • Word count: 764
  15. Economic Commentary - The article talks about the measure taken by the New York state legislature to reduce smoking by increasing the excise tax[1] by $1.25 on every pack of cigarette

    Therefore, smoking creates market failure because the marginal private cost (MPC, S) doesn't equal marginal social cost (MSC6, S'). The New York state is planning to reduce the equilibrium quantity from (Qe) to (Qe')7 by increasing tax on cigarettes. The reason behind this tax increase(Pe''- Pe) of $1.25 is that smoke from cigarettes disrupts environment and public health. This increase in tax will lead to an increase in equilibrium price from (Pe)8 to (Pe')9. The new equilibrium point10 is efficient from social view point as the MSC is equal to MPC (as shown in figure 2).

    • Word count: 709
  16. Negative Externalities

    Let us see an example: Firms that manufacture paper are also involved in creating harmful chemicals such as dioxin. It has been suggested that this chemical is harmful, as they are major environmental pollutants. This cost to the community is greater than the cost of production. Thus, the marginal social cost is greater than the marginal private cost. However, firms cannot produce paper without this chemical, so firms pay for these external costs on top of the private costs of the firm.

    • Word count: 773
  17. Does supply or demand side economics work better?

    Supply side policies are best going into the future. Cutting taxes for employers is a fantastic policy. Unfortunately as we've seen recently, most people only view that as being tax cuts for the rich. People forget that there is a difference between a rich person and a company. Finally though, there will be a supply side effect from all tax cuts, even if it is cuts to poorer people. It will effect the marginal cost of each hour they work, and therefore labour supply.

    • Word count: 563
  18. GPD countries

    It is impossible to compare different GDP numbers when it is measured by different methods. For example, in 2007, International Monetary Fund (IMF), World Bank (WB) and CIA World Factbook (CIA WF) measured GDP of all countries in the world. Even though their countries ranks should have been the same, they differed substantially. According to IMF, Mexico was 13th country in the world by GDP with $1,022,816 mln. In WB statistics Mexico was 14th ($893,364 mln) and in CIA WF it was 15th ($893,400 mln). When comparing countries, it has to be remembered to compare GDP figures from one source.

    • Word count: 1272
  19. Commentary - China-Africa trade jumps by 39% Source of extract: www.news.bbc.co.uk Date of extract: 06/01/06

    Arica is a producer of oil, and other raw materials which are needed for the Chinese economys Secondary sector, which goods. Graph 1 Chinas trade with africa Graph 1 clearly shows the increase of trade between China and Africa since 2000. Other countries, which are more ethically constrained or restricted by principles then China, are not trading with Africa, because of the corruption, violence and human rights concerns. Therefore it is easy for China to trade with Africa due to the lack of competition.

    • Word count: 751
  20. Vacation In Australia

    These concepts can be applied on the item of Vacation in Australia. Firstly we must mention the attractions that Australia offers to tourists that want to travel to there. In first place Australia offers ecological diversity, extreme sports and also anthropological activities because of the interaction with aborigines. But there are several non- price determinants that can affect vacations in Australia. The first determinant that is going to be analyzed is tastes and preferences. In the case of Colombia there is not much advertising about vacation in Australia, instead places like Brazil, South America and mostly Panama and USA, receive all the advertising.

    • Word count: 1615
  21. California Heat Wave Causes Power Shortages, Extreme Weather Grips State. Economics Commentary

    The demand for products is not always the same, the demand increases and decreases according to several factors. If there is a price change in the product then there will be a movement along the demand curve. But if there is a change in any of the other factors of demand such as income, seasonal changes, etc. there is a complete shift for the demand curve to either the left or the right. The Supply of a good or service is the quantity of which producers are able and willing to produce at a certain price and time period within an economy.

    • Word count: 754
  22. Economics Assignment Methods of Calculating National Income

    which includes the cost of raw materials and intermediate inputs and imputed rent on any owner occupied housing * Interest * The output method: o Adds up the value added by a firm's production: * The value of the firm's output minus the value of inputs o Alternatively this method adds up the output of final goods and services. * If $100 worth of goods and services has been produced (output method) this must have generated $100 worth of income (income method)

    • Word count: 1066
  23. Internal Assessment

    Many agree that the United States economy was approaching the stage of stabilization. If this is correct, injecting the billions of dollars into the economy will have severe impacts on the economy. When a country is outside of its production possibility frontier curve, it is in an inflationary period. If it overspends in an attempt to get out of a recessionary period, unemployment diminishes. What happens next is a series of chain reactions. Using supply and demand principles, due to the high supply in jobs, demand decreases. Then, in order for a firm to get more productivity, he has to hire new workers, and since the demand is low, firms will have to pay extra for the slightest bit more of production.

    • Word count: 579
  24. Effects of a stronger Euro on the Eurozone

    These imports might include services such as foreign travel, products we can directly consume, such as clothes from China or primary resources which are bought by firms. When producers can buy cheaper resources, their costs of production decrease, which causes prices to decrease, too, as the following diagram shows: Here, the supply curve shifts to the right, due to lower costs of production. This is a shift along the demand curve and therefore, the quantity demanded increases, whereas the price at which the goods and services can be purchased falls.

    • Word count: 742
  25. Pro Free Trade

    That is why it is called interdependency, which is good as it creates a stronger between nations. Although transportation costs might be an issue, trade does not always have to be over long distances. No country in the world is so isolated that they would not be able to trade due to high transportation costs. STATEMENT: I will now be moving onto why free trade would be beneficial to the world economy. My statement will be split up into two arguments; 1)

    • Word count: 825

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