05.+Y12_Class+of+2018


 * Click here to obtain the official IB Economics Guide. **


 * Please click here for the subject guide. **


 * Past paper questions will be given out during the course for revision. **


 * In addition, please access the relevant sections for the following matters: **
 * Internal Assessment
 * Preparation for Econ Exam
 * Online resources for study
 * Online news articles
 * Useful webpages for research
 * Hall of Fame (Students who got '7' in the past school years)


 * The following is a Week by Week guide on what we are doing in Y12 (Class of 2018) Economics. The most recent week will always be at the top of this page. **


 * Week of 5 February 2018 **
 * We will continue to learn:
 * high exchange rate vs low exchange rate
 * economic integration
 * meaning, relation to globalization and trade liberalization
 * <span style="font-family: Arial,Helvetica,sans-serif;"> different types of trading blocs: PTA, FTA, customs union, common market, economic and monetary union


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 29 January 2018 **
 * We will continue to learn:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">another type of exchange rate systems: managed exchange
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">differences between fixed and managed exchange rate systems
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">the pros and cons of the flexible and fixed exchange rate systems


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 22 January 2018 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">We will learn about:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">meaning of exchange rate
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">the different types of exchange rate systems:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">flexible exchange rate system
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">fixed exchange rate system


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 18 December 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Revision Week for Mock Exams.


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 11 December 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Revision Week for Mock Exams.


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 4 December 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">We will learn the topics below:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Protectionism: arguments for and against protectionism
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Different types of protectionist measures, in particular:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">tariffs
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Import quotas
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">subsidies


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 27 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">We will learn the topics below:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Free trade: meaning and benefits from trade
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Autarkic vs free trade situations
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Absolute advantage vs comparative advantage


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 20 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">We will learn the topics below:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Economic growth vs economic development
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">HDI and other development indicators
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Lorenz curve and Gini coefficient
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Ways to promote income equity: SR and LR solutions
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">The role of taxation in promoting equity
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Direct and indirect taxes
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Progressive, proportional and regressive taxation
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Calculation of average and marginal tax rates


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 13 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">We will learn the topics below:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Possible relationship between inflation and unemployment
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">SR and LR Phillips curve
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Natural rate of unemployment (NRU)/ <span style="background-color: #ffffff; color: #222222; font-family: arial,sans-serif; font-size: 16px;">non-accelerating inflation rate of unemployment (NAIRU)


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 6 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the topics below:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Inflation, deflation, and disinflation:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Meaning
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">How inflation and deflation are measured
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Consequences of inflation and deflation
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Causes of inflation
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Types of inflation
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Government policies to deal with inflation/deflation


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 30 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the topics below:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Unemployment:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Meaning and how is it measured
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Consequences of unemployment
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Costs of unemployment
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Different causes of unemployment
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Evaluate the measures to reduce unemployment


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 16 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will continue learning the topics below:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Demand-side and supply-side policies: pros and cons


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 9 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Keynesian perspectives on demand-side policies and criticism on supply-side policies
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Neo-classical perspectives on supply-side policies and criticism on demand-side policies
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Demand-side policies and budget deficit
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">The multiplier effect (and accelerator effect)
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Demand-side and supply-side policies: pros and cons


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 2 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Macroeconomic equilibrium
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">SR equilibrium
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">LR equilibrium: Neo-classical vs Keynesian perspectives


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 25 September 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Aggregate demand: its shape, changes in AD
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Changes in the components of AD
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Aggregate supply: its shape
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">SRAS
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Shifts in SRAS
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Combining AD and AS in the SR
 * LRAS- Neo-classical AS vs Keynesian AS


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 18 September 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Uses of national income statistics
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Limitations of the data
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Green GDP


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 11 September 2017 **
 * ====<span style="font-family: Arial,Helvetica,sans-serif; font-size: 110%;">Students will learn the following: ====
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 110%;">GDP and GNP/GNI
 * ====<span style="font-family: Arial,Helvetica,sans-serif; font-size: 110%;">GNI and NNI ====
 * ====<span style="font-family: Arial,Helvetica,sans-serif; font-size: 110%;">Nominal GDP and real GDP ====
 * ====<span style="font-family: Arial,Helvetica,sans-serif; font-size: 110%;">GDP per capita ====


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 18.2px;">Week of 4 September 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">The level of overall economic activity:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Economic activity: five main macroeconomic objectives, closed and open circular flow model of income, leakages vs injections and how the size of the curricular flow depends on the relative size of the injections and leakages.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Measures of economic activity: the three types of approaches to measure national income.


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 140%;">Week of 28 August 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Oligopoly: its assumptions, difference between collusive and non-collusive oligopoly, formal and tacit collusion, cartel, game theory, kinked demand curve, examples of non-price competition.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Price discrimination: meaning, conditions of practising PD, different types of PD and examples.