Ch 24 4.4 Economic integration: complete notes

Neat, exam-ready notebook-style notes for Ch 24 4.4 Economic integration, 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.

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Free preview: Ch 24 4.4 Economic integration 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
Preferential trade agreements and trading blocs AO1 AO2
Trading blocs: deeper and deeper integration
Advantages of trading blocs AO3
Trade creation and trade diversion AO3
Disadvantages of trading blocs and evaluation AO3
Key concepts
Monetary union AO2
Advantages and disadvantages of a monetary union AO3
The World Trade Organization (WTO) AO2
Factors affecting the WTO's influence

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

I can define bilateral, regional and multilateral agreements.
I can distinguish free trade areas, customs unions and common markets.
I can explain and evaluate the advantages and disadvantages of trading blocs.
HL: I can explain trade creation and trade diversion and use a diagram (and areas) to find the net effect.
I can explain what a monetary union is.
HL: I can evaluate the advantages and disadvantages of a monetary union.
I can explain the objectives and functions of the WTO and the factors that limit its influence.

What is inside the full chapter notes

Concept notes with 7 worked examples (every number computed)
Integration ladder table, economies-of-scale diagram, HL trade creation and diversion diagram
Monetary union and the World Trade Organization
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
HL practice question in the Paper 3 style (18 marks)
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 23 4.3 Arguments for and against trade control and protection Ch 25 4.5 Exchange rates →