How can I achieve a top grade?
Economics is all about models involving assumptions and diagrams. So whenever you're answering a question, you must identify the assumptions relating to it, draw a diagram illustrating your argument and give a detailed explaination of the diagram. Top mark answers will further include examples and evaluation of the economic theories and policies.
SY
Related Economics IB answers
All answers ▸What are economic stabliziers?
What are minimum prices and what are the effects of minimum prices?
Explain the meaning of the law of demand, and using examples and diagrams, distinguish between movements along and shifts of the demand curve.
How do you calculate the net social welfare loss due to a negative externality in production?