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t. e. The accelerator effect in economics is a positive effect on private fixed investment of the growth of the market economy (measured e.g. by a change in gross domestic product). Rising GDP (an economic boom or prosperity) implies that businesses in general see rising profits, increased sales and cash flow, and greater use of existing capacity.
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]
Keynesian economics (/ ˈkeɪnziən / KAYN-zee-ən; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. [1] In the Keynesian view, aggregate demand does not ...
t. e. The International Baccalaureate Organization (IBO), [1][2] more commonly known as the International Baccalaureate (IB), is a nonprofit foundation headquartered in Geneva, Switzerland, and founded in 1968. [3][4] It offers four educational programmes: the IB Diploma Programme and the IB Career-related Programme for students aged 16 to 19 ...
t. e. Economics (/ ˌɛkəˈnɒmɪks, ˌiːkə -/) [1][2] is a social science that studies the production, distribution, and consumption of goods and services. [3][4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
The concept of bounded rationality complements the idea of rationality as optimization, which views decision-making as a fully rational process of finding an optimal choice given the information available. [4] Therefore, bounded rationality can be said to address the discrepancy between the assumed perfect rationality of human behaviour (which ...
Economic efficiency. In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of ...
Theory of Knowledge is a course created by the IB organization and must not be conceived as pure epistemology. This course involves a process of exploring and sharing students' views on "knowledge questions" (an umbrella term for "everything that can be approached from a TOK point of view"), so "there is no end to the valid questions that may arise", "there are many different ways to approach ...