IB Economics SL (renovations soon)

Subdecks (5)

Cards (269)

  • In IB economics, there are 9 central concepts:
    • (Economic) Well-being
    • Interdependence
    • Scarcity
    • Efficiency
    • Choices
    • Intervention
    • Change
    • Equity
    • Sustainability
    Together they form the acronym: WISE ChoICES
  • Microeconomics
    The study of the behavior of individuals and firms in making decisions about scarce resources.
  • Macroeconomics
    The study of economy on a national level and its performance as a whole
  • Global economy
    The study of economic systems, actions, and policies between nations