IB Diploma · Economics · Chapter 2

Ch 2 2.1 Demand: complete notes

Neat, exam-ready notebook-style notes for Ch 2 2.1 Demand, following the IB Diploma syllabus, SL and HL. This chapter is part of the complete Economics Notes for IB Diploma Students (SL and HL): All 30 Topics.

Cover of Economics Notes for IB Diploma Students (SL and HL): All 30 Topics

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Free preview: Ch 2 2.1 Demand notes

A quick look at the chapter from our IB Diploma Economics notes. The full chapter notes have the detailed explanations, diagrams and practice questions with answers.

Topics in this chapter

What you must be able to do
The law of demand and the demand curve AO2 AO4
From a schedule to a curve
Assumptions behind the law of demand AO2
1. Income and substitution effects
2. Diminishing marginal utility
Individual demand and market demand AO2 AO4
Non-price determinants of demand AO2
Movements along and shifts of the demand curve AO2 AO4
Related goods and several changes at once AO2 AO4
Key concepts

“I can” checklist: what you must be able to do

I can define demand and state the law of demand.
I can draw a demand curve from a schedule or equation and read quantities and prices from it.
I can add individual demands to get market demand.
I can explain the non-price determinants: income, tastes and preferences, future price expectations, prices of substitutes and complements, number of consumers.
I can draw and explain movements along, and shifts of, a demand curve, and say which one a given event causes.
I can work out a new quantity demanded after a shift, using an equation.
HL: I can explain the income effect and substitution effect of a price change.
HL: I can use the law of diminishing marginal utility to explain why demand slopes downward.

What is inside the full chapter notes

Concept notes with 8 worked examples (every number computed)
Diagrams: demand curve, marginal utility (HL), individual and market demand, movements and shifts, related goods
Common mistakes and a "How to score" command-term box
12 Quick-check questions A-D, explained
Paper 1 style (a) 10 + (b) 15 with mark scheme and markbands
Paper 2 style data response (36 marks) with mark scheme
Quick reference and "I can" checklist

See real pages (free sample)

What you get in the pack

All 30 topics of IB Diploma Economics for students taking Standard Level or Higher Level (first assessment 2022): what economics is, demand, supply, market equilibrium, behavioural economics, elasticity, government intervention, externalities, public goods, asymmetric information, market power, equity, measuring economic activity, aggregate demand and supply, macroeconomic objectives, inequality and poverty, monetary policy, fiscal policy, supply-side policies, international trade, trade protection, economic integration, exchange rates, balance of payments, sustainable development, measuring development, growth and development strategies
Every syllabus statement covered in order, each marked SL or HL, with clear notes, tables and diagrams drawn for these notes
Every diagram the guide names, drawn and labelled, plus worked examples and model answers that show how to earn the marks
Quick-check multiple-choice questions with explained answers, plus original Paper 1 (extended response), Paper 2 (data response) and, for HL, Paper 3 (policy) style questions with full mark schemes (no past-paper reprints)
Common mistakes and a how-to-score command-term guide for every topic
Quick-reference sheet and an "I can" checklist at the end of every topic
Colour PDF and a black and white copy of every chapter for printing
Independent notes for IB Diploma students; not endorsed by or affiliated with the International Baccalaureate Organization (IBO)

All chapters in this pack

← Ch 1 1.1-1.2 What is economics? and How do economists approach the world? Ch 3 2.2 Supply →