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Multiple Choice: Students are given 70 minutes to complete 60 multiple choice questions which are weighted 2/3 (66.7%) of the total exam score. Free-Response: Students are allotted 10 minutes of planning then 50 minutes of writing for one long free-response question (weighted 50% of section score) and two short ones (weighted 25% section score each).
Microeconomics analyzes the market mechanisms that enable buyers and sellers to establish relative prices among goods and services. Shown is a marketplace in Delhi. Shown is a marketplace in Delhi. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Because productive resources are scarce, the resources must be allocated to various industries in just the right amounts, otherwise too much or too little output gets produced. [2] When drawing diagrams for businesses , allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue.
2. MARKET - forces of demand and supply operate within the framework of market. Market constitute an integral part of the price mechanism A market means a system or a set-up in which the buyers and sellers of the commodity are able to interact and communicate with each other and strike a deal, i.e., price and the quantity to be bought and sold.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The Group 3: Individuals and societies subjects of the IB Diploma Programme consist of ten courses offered at both the Standard level (SL) and Higher level (HL): Business Management, Economics, Geography, Global Politics, History, Information technology in a global society (ITGS), Philosophy, Psychology, Social and cultural anthropology, and World religions (SL only). [1]
A supply schedule is a table which shows how much one or more firms will be willing to supply at particular prices under the existing circumstances. [1] Some of the more important factors affecting supply are the good's own price, the prices of related goods, production costs, technology, the production function, and expectations of sellers.