Apply economic concepts and theories to real-world situations.AO2 Demonstrate application and analysis of knowledge and understanding.At HL only: Demonstrate knowledge and understanding of the higher level extension topics.Demonstrate knowledge and understanding of current economic issues and data.Demonstrate knowledge and understanding of the common SL/HL syllabus.AO1 Demonstrate knowledge and understanding of specified content.Having followed the economics course at HL or SL, students will be expected to: develop an awareness of development issues facing nations as they undergo the process of change.develop an appreciation of the impact on individuals and societies of economic interactions between nations.develop an understanding of microeconomic and macroeconomic theories and concepts and their real-world application.The aims of the economics course at HL and SL are to enable students to: In this section we give you explanations and definitions of terms relevant to theory of the firm. One of the key things you need to be sure to know are the definitions of all key microeconomics terms. In this section we give you explanations and definitions of terms relevant to market failure. In this section we give you explanations and definitions of terms relevant to government intervention. In this section we give you explanations and definitions of terms relevant to elasticity. If you would prefer to view this interaction in a new web window, then please follow the link below: In this section we give you explanations and definitions of terms relevant to competitive markets. To start viewing the contents of the pack, please click on the right arrow at the top or bottom of the page. This icon indicates the end of the higher level extension material. ![]() The higher level extension material continues from the previous page.The higher level extension material continues on the next page or.This icon indicates the start of the higher level extension material. This material is marked by icons as follows: Some of the material in this pack relates to the higher level extension topics in the Business and Management guide. ![]() To return to the full table of contents, please click on the 'home button' at any stage. ![]() The pack is split into a series of sections and to access each section, the easiest way is to use the table of contents on the left-hand side of the page. The home button will take you back to the table of contents for the pack.
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