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title: The Best IB Economics Notes and Study Guide for SL/HL · PrepScholar
description: How do you study for IB Economics SL/HL? Read our set of IB Economics notes and our free study guide for the best resources available.
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# [The Best IB Economics Notes and Study Guide for SL/HL](https://blog.prepscholar.com/the-best-ib-economics-notes-and-study-guide-sl-hl)

![author image](http://cdn2.hubspot.net/hubfs/360031/author_lauren.png)

Posted by [Dora Seigel](https://blog.prepscholar.com/author/dora-seigel) | Updated on August 15, 2024

[International Baccalaureate (IB)](https://blog.prepscholar.com/topic/international-baccalaureate-ib)

 

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Are you taking IB Economics but feel you aren't learning enough from your class alone? Maybe you need more explanation of certain economics topics? If you need some help in your IB Economics SL/HL class, this study guide is for you. **I've gathered all of the best free IB Economics study guides and notes into one useful article.** This IB Economics study guide is organized according to the IB Economics HL syllabus and IB Economics SL syllabus.

 

![update-1672349_640](https://360031.fs1.hubspotusercontent-na1.net/hub/360031/hubfs/update-1672349_640.png?width=350&name=update-1672349_640.png)

 

## 2022 IB Exam Changes Due to COVID-19

Because of the ongoing COVID-19 (coronavirus) pandemic, the IB has decided to extend the adaptations which were put in place for 2021 to 2022. May 2022 IB assessments will have two routes, exam and non-exam, depending on which your school chooses. Stay up to date with the latest information on what this means for IB diplomas, course credit for IB classes, and more with our [our IB COVID-19 FAQ article](https://blog.prepscholar.com/ib-tests-2021-changes-schedule-format).

 

## How to Use These IB Economics Notes and Study Guide

If you are looking for help with one topic, use the Command + F function on your keyboard to search this article for that topic. For instance, if you want to learn more about Markets, use Command + F to bring up the search function. Type in "Markets” and it'll bring up all of the study materials for Markets.

I separated the resources into:

- **Quick reference:** one-page summary of material if you just need a quick refresher.
- **Longer notes:** notes (generally 3-10 pages) if you need more of an in-depth explanation.

 

## How Should You Use This Article During the School Year?

If there are any subjects that you feel you don't completely understand after learning them in class, use these notes to review them and fill any knowledge gaps. You should also use these notes to regularly review past topics you covered in class to be sure you don't forget earlier topics and have to cram right before the exam.

To score well on the IB Economics exam, **you should be studying and reviewing the topics you cover in class throughout the year.** This will help you cement this information in your mind so you're not struggling for answers on test days.

**In addition to these notes, you should also take several practice tests.** This will help you test your knowledge and get a better idea of how well you'll score on test day. Find [IB Economics HL and IB Economics SL past papers, Free and Official, in our other article](https://blog.prepscholar.com/where-to-find-ib-economics-past-papers-free-and-official).

 

## Common Study Mistakes for IB Economics SL/HL

It's important to avoid falling behind in IB Economics SL/HL; there's just too much material to learn easily if you get significantly behind. You need to master the topics during the school year to ace your IB Economics papers. Some common mistakes are:

- **Avoiding topics you don't understand in class.** If you didn't learn it in class, you need to look for help elsewhere whether through this IB Economics study guide or tutoring.
- **Waiting to study until a week or two before the papers.** There are a lot of concepts to master. A week or two is not enough time to learn them all (that is why IB Economics is taught over 1 to 2 years). Learn the topics as you're supposed to learn them in class. Use this study guide if you need extra help.

 

![body_creditcard](https://360031.fs1.hubspotusercontent-na1.net/hub/360031/hubfs/body_creditcard.jpg?width=270&height=180&name=body_creditcard.jpg)

 

## Section 1: Introduction to Economics (10 Hours SL and HL)

1.1 What is economics?

- Longer notes:[Basic Definitions](https://en.wikibooks.org/wiki/IB_Economics/Introduction_to_Economics/Basic_Definitions)
- Quick reference: [IB Economics Introduction](https://www.ibeconomics.com/introduction.html#:~:text=Economics%20is%20the%20social%20science,agents%20and%20how%20economies%20work.) (videos included)
- Video reference: [Introduction to the New IB Economics Syllabus](https://www.youtube.com/watch?v=DDTGeXLpEB4)

1.2 How do economists approach the world?

![body_macro](https://360031.fs1.hubspotusercontent-na1.net/hub/360031/hubfs/body_macro.jpg?width=380&name=body_macro.jpg)

 

## Section 2: Microeconomics (35 Hours SL/70 Hours HL)

- Longer notes:[PPF and PPC](https://en.wikibooks.org/wiki/IB_Economics/Introduction_to_Economics/PPF_and_PPC)
- Longer notes:[Free Market vs. Planned Economy](https://en.wikibooks.org/wiki/IB_Economics/Introduction_to_Economics/Free_Market_vs_Planned_Economy)
- Longer notes:[Theory of the Firm (HL)](https://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Theory_of_the_Firm_(HL))

2.1 Demand 

- Quick reference:[Markets](http://ibguides.com/economics/notes/markets)
- Longer notes:[Markets](https://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Markets)
- Quick reference:[Demand](http://ibguides.com/economics/notes/demand)
- Quick reference:[Market efficiency](http://ibguides.com/economics/notes/market-efficiency)

2.2 Supply

- Quick reference:[Supply](http://ibguides.com/economics/notes/supply)

2.3 Competitive market equilibrium

- Quick reference:[Market equilibrium](http://ibguides.com/economics/notes/markt-equilibrium)
- Quick reference:[The role of the price mechanism](http://ibguides.com/economics/notes/the-role-of-the-price-mechanism)

2.4 Critique of the maximizing behavior of consumers and producers

- Quick reference: [Rational consumer choice](https://aisbmecon.wordpress.com/2020/10/05/2-4-critique-of-the-maximising-behaviour-of-consumers-and-producers-hl-only/) 
- [Flash cards](https://quizlet.com/ch/537926350/critique-of-the-maximizing-behavior-of-consumers-and-producers-flash-cards/)

2.5 Elasticity of demand

- Longer notes:[Elasticities](https://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Elasticities)
- Quick reference:[Price elasticity of demand (PED)](http://ibguides.com/economics/notes/price-elasticity-of-demand-ped)
- Quick reference:[Cross price elasticity of demand (XED)](http://ibguides.com/economics/notes/cross-price-elasticity-of-demand-xed)
- Quick reference:[Income elasticity of demand (YED)](http://ibguides.com/economics/notes/income-elasticity-of-demand-yed)

2.6 Elasticity of supply

- Quick reference:[Price elasticity of supply (PES)](http://ibguides.com/economics/notes/price-elasticity-of-supply-pes)

2.7 Role of government in microeconomics

- Quick reference: [Government intervention—indirect taxes](http://ibeconomist.com/revision/1-3-government-intervention-indirect-tax/)
- Quick reference: [Government intervention—maximum price](http://ibeconomist.com/revision/1-3-government-intervention-price-ceiling-maximum-price/)
- Quick reference: [Government intervention—minimum price](http://ibeconomist.com/revision/1-3-government-intervention-minimum-price-floor/)
- Quick reference:[Indirect taxes](http://ibguides.com/economics/notes/indirect-taxes)
- Quick reference:[Subsidies](http://ibguides.com/economics/notes/subsidies)
- Quick reference:[Price controls](http://ibguides.com/economics/notes/price-controls)

2.8 Market failure—externalities and common pool or common access resources

- Longer notes:[Market Failure](https://en.wikibooks.org/wiki/IB_Economics/Microeconomics/Market_Failure)
- Quick reference:[The meaning of market failure](http://ibguides.com/economics/notes/the-meaning-of-market-failure)
- Quick reference:[Types of market failure](http://ibguides.com/economics/notes/types-of-market-failure)

2.9 Market failure—public goods

- Longer notes: [Market failures, public goods, and externalities](https://www.econlib.org/library/Topics/College/marketfailures.html)
- Quick reference: [Public goods and market failure](https://www.tutor2u.net/economics/reference/public-goods)

2.10 Market failure—asymmetric information (HL only)

- Longer notes: [Asymmetric information](https://sites.google.com/site/econ4ib/home/microeconomics/market-failure/assymetric-information)

2.11 Market failure—market power (HL only)

- Quick reference: [Defining market failure](https://www.edchoice.org/engage/defining-market-failure-with-examples/)
- Quick reference: [Market power definition](https://www.investopedia.com/terms/m/market-power.asp)

2.12 The market’s inability to achieve equity (HL only)

- Quick reference: [Unequal distribution of income](https://www.economicsonline.co.uk/Market_failures/Unequal_distribution_of_income.html)

## Section 3: Macroeconomics (40 Hours SL/75 Hours HL)

- Longer notes:[Measuring National Income](https://en.wikibooks.org/wiki/IB_Economics/Macroeconomics/Measuring_National_Income)
- Longer notes:[Introduction to Development](https://en.wikibooks.org/wiki/IB_Economics/Macroeconomics/Introduction_to_Development)
- Longer notes:[Unemployment and Inflation](https://en.wikibooks.org/wiki/IB_Economics/Macroeconomics/Unemployment_and_Inflation)
- Longer notes:[Distribution of Income](https://en.wikibooks.org/wiki/IB_Economics/Macroeconomics/Distribution_of_Income)

3.1 Measuring economic activity and illustrating its variations 

- Longer notes: [Measuring economic activity](https://saylordotorg.github.io/text_macroeconomics-theory-through-applications/s07-01-measuring-economic-activity.html)
- [Flash cards](https://quizlet.com/fr/577618884/31-measuring-economic-activity-and-illustrating-its-variations-flash-cards/)

3.2 Variations in economic activity—aggregate demand and aggregate supply 

- Longer notes: [Aggregate demand and aggregate supply curves](https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/macro-equilibrium-in-the-ad-as-model/a/building-a-model-of-aggregate-demand-and-aggregate-supply-cnx)
- Longer notes [The long run and the short run](https://open.lib.umn.edu/principleseconomics/chapter/22-2-aggregate-demand-and-aggregate-supply-the-long-run-and-the-short-run/)
- Quick reference: [Aggregate supply and aggregate demand](https://corporatefinanceinstitute.com/resources/knowledge/economics/aggregate-supply-demand/)

3.3 Macroeconomic objectives 

- Longer notes:[Macroeconomic Models](https://en.wikibooks.org/wiki/IB_Economics/Macroeconomics/Macroeconomic_Models)

3.4 Economics of inequality and poverty

- Longer notes: [How are inequality and poverty linked?](https://www.un.org/development/desa/dspd/wp-content/uploads/sites/22/2018/09/McKnight2.pdf)
- Longer notes: [Economics of inequality and poverty](https://www.thinkib.net/economics/page/20741/unit-34-economics-of-inequality-and-poverty)

3.5 Demand management (demand-side policies)—monetary policy

- Longer notes: [Demand-side policies](https://www.thinkib.net/economics/page/20610/unit-35-and-36-demand-management-fiscal-and-monetary-policy)
- Quick reference: [Demand management policies](https://www.economicshelp.org/blog/535/economics/demand-management-policys/)
- Quick reference: [Definition of monetary policy](http://ibeconomist.com/revision/2-5-monetary-policy/)
- Quick reference: [Monetary policy vs. fiscal policy](https://www.investopedia.com/ask/answers/100314/whats-difference-between-monetary-policy-and-fiscal-policy.asp)

3.6 Demand management—fiscal policy

- Quick reference: [Definition of fiscal policy](https://www.economicshelp.org/macroeconomics/fiscal-policy/fiscal_policy/)
- Quick reference: [Role of the fiscal policy](http://ibeconomist.com/revision/2-4-fiscal-policy-the-role-of-fiscal-policy/)

3.7 Supply-side policies

- Longer notes:[Demand-side and Supply-side policies](https://en.wikibooks.org/wiki/IB_Economics/Macroeconomics/Demand-side_and_Supply-side_policies)
- Longer notes: [Supply-side policy](https://www.thinkib.net/economics/page/20615/unit-37-supply-side-policies)
- Quick reference: [Supply-side policies definition](https://www.economicsonline.co.uk/Definitions/Supply_side_policy.html#:~:text=Supply%2Dside%20policies%20include%20a,can%20grow%20without%20experiencing%20inflation.)

 

## Section 4: Development Economics

4.1 Benefits of international trade 

- Longer notes:[Reasons for trade](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Reasons_for_trade)
- Longer notes:[Free trade and protectionism](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Free_trade_and_protectionism)
- Longer notes:[World Trade Organization (WTO)](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/World_Trade_Organization_(WTO))

4.2 Types of trade protection

- Longer notes: [Examples and types of protectionism](https://www.economicshelp.org/blog/6911/alevel/examples-of-protectionism/#:~:text=Tariffs%20%E2%80%93%20This%20is%20a%20tax%20on%20imports.&text=Subsidies%20%E2%80%93%20If%20a%20government%20subsidises,e.g.%20imposing%20minimum%20environmental%20standards.)
- Quick reference: [Protectionism definition](https://www.investopedia.com/terms/p/protectionism.asp)
- Quick reference: [International trade—tariffs](http://ibeconomist.com/revision/international-trade-trade-protection-tariff/)
- Quick reference: [International trade—quota](http://ibeconomist.com/revision/3-1-international-trade-trade-protection-quota/)

4.3 Arguments for and against trade control/protection

- Longer notes:[Terms of trade](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Terms_of_trade)
- Longer notes: [Arguments for trade protection](https://ibeconsphysics.wordpress.com/2012/12/18/arguments-for-trade-protection/)
- Quick reference: [Arguments against import protectionism](https://www.tutor2u.net/economics/reference/arguments-against-protectionism)
- Quick reference: [Arguments for and against free trade](https://www.economicsdiscussion.net/trade/free-trade/arguments-for-and-against-free-trade-trade-policy/17508)

4.4 Economic integration 

- Longer notes: [Economic integration definition](https://www.investopedia.com/terms/e/economic-integration.asp)
- Longer notes:[Economic integration](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Economic_integration)

4.5 Exchange rates 

- Longer notes:[Exchange rates](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Exchange_rates)
- Quick reference: [Exchange rates definition](https://www.investopedia.com/terms/e/exchangerate.asp)

4.6 Balance of payments 

- Longer notes:[Balance of payments](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Balance_of_payments)
- Longer notes:[Balance of Payment problems](https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Balance_of_Payment_problems)

4.7 Sustainable development

- Longer notes: [Sustainable development](https://www.britannica.com/topic/environmental-law/Sustainable-development#ref750231)

4.8 Measuring development

- Longer notes: [Measuring development](https://ibstudy.wixsite.com/ibeconomics/42-measuring-development)
- Longer notes: [Measuring development](https://sites.google.com/site/econ4ib/home/development-economics/measuring-development) (with videos)
- Quick reference: [Single indicators and composite indicators](https://ibeconomicsbaum.weebly.com/42-measuring-development.html)

4.9 Barriers to economic growth and/or economic development

- Longer notes:[Consequences of Growth](https://en.wikibooks.org/wiki/IB_Economics/Development_Economics/Consequences_of_Growth)
- Longer notes:[Barriers to Economic Growth](https://en.wikibooks.org/wiki/IB_Economics/Development_Economics/Barriers_to_Economic_Growth)

4.10 Economic growth and/or economic development strategies

- Longer notes:[Sources of Economic Growth and/or Development](https://en.wikibooks.org/wiki/IB_Economics/Development_Economics/Sources_of_Economic_Growth_and/or_Development)
- Longer notes:[Growth and Development Strategies](https://en.wikibooks.org/wiki/IB_Economics/Development_Economics/Growth_and_Development_Strategies)
- Longer notes:[Evaluation of Growth and Development Strategies](https://en.wikibooks.org/wiki/IB_Economics/Development_Economics/Evaluation_of_Growth_and_Development_Strategies)

 

 

![body-next](https://360031.fs1.hubspotusercontent-na1.net/hub/360031/hubfs/body-next.jpg?width=400&name=body-next.jpg)

 

## What's Next?

**Want some more IB Economics study materials?** [Check out our guide to every IB Economics past paper available](https://blog.prepscholar.com/where-to-find-ib-economics-past-papers-free-and-official), including free and official papers.

**Looking for more info on what IB Economics covers?** Read our [complete guide to the IB Economics syllabus](https://blog.prepscholar.com/the-complete-ib-economics-syllabus-sl-and-hl) to learn every topic that will be covered in the course.

**Wondering which other IB classes you can take?** Take a look at [the complete list of IB courses](https://blog.prepscholar.com/the-complete-list-of-ib-courses-and-classes) to see what your options are.

 

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![author image](http://cdn2.hubspot.net/hubfs/360031/author_lauren.png)

 Dora Seigel

 As an SAT/ACT tutor, Dora has guided many students to test prep success. She loves watching students succeed and is committed to helping you get there. Dora received a full-tuition merit based scholarship to University of Southern California. She graduated magna cum laude and scored in the 99th percentile on the ACT. She is also passionate about acting, writing, and photography.

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