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Useful resources for IB Economics
IB Economics Websites
Welker’s Wikinomics – A website created by an IB economics teacher containing useful IB lecture notes as well as a blog
– A resource for AS, A2 and IB economics revision
– A general resource for learning economics, listed by topic.
Essentials of Economics
– Summaries, online quizzes and case studies relating to the textbook “Essentials of Economics”
Economic Policy Debate – Is a place for online debates regarding current controversial ideas in economics. For IB Econ students, it’s a good place to review key concepts and evaluate.
Khan academy has produced some great videos on MicroeconomicsMacroeconomics, and current issues in Econ Highly recommended
Some really good
video lessons
Paj Holden’s YouTube page
is also full of great IB Econ-specific videos
Econ Stories – A funny rap video showing the different economic philosophies of Keynes and Hayek
Planet Money. One of my favourite podcasts. They do a great job of making sense of complicated concepts. Very entertaining. (Just add it to your podcasts in iTunes). Highly recommended
The Economist Magazine – Editor’s Highlights
. Useful if you don’t have time to read the Economist. Key sections of the weekly audio edition are read to you. (Just add it to your podcasts in iTunes).
Motley Fool Money is a stock exchange podcast, but it is a rich source of insights. Very intelligent and easy to listen to.
Articles, Blogs and Blog Posts
Some student notes on the IB Economics course, by section. Not the best notes in the world, but useful for a quick review.
Paul Krugman’s Blog “The Conscience of a Liberal”
– A blog written by the Nobel Laureate, from a Keynsian perspective. Definitely worth a read a read a few times a year.
TIM WOODS blog is pretty good too. Especially useful are the following posts on Econ: Evaluation in Economics, Extended Essays in Economics
Internal Assessment (IA)
A quick primer on the IB Economics IA. The basics. Worth reading to make sure you’re clear on the requirements. Highly recommended

Extended Essay (EE)

The 4 Questions You Need to Answer at the Start of Your Extended Essay process. Avoid common mistakes and set yourself up for a successful Extended Essay.
Extended Essays
 in Economics. Andrew McCarthy’s post on EE’s in Economics
An excellent example of an
Economics Extended Essay, from a student in Hong Kong.
Bayview Secondary has received our fair share of essays that has scored between 40-45/45. Some of these students include Jennifer Gupta, Ashley Yu, Stephen Zhao, Hemanth Soni
IB Economics Research Resources

Gapminder is a great source for statistics and videos explaining the state of the world. Highly recommended
The Economist
– Arguably the most influential and important publication in the world
Asian Development Bank – Economics and statistics resources of the multilateral, Asian-oriented development finance institution that promotes economic and social progress
Bank of England
– The website of the Bank of England, the UK’s Central Bank
CIA World Factbook
– An online resource on the history, people, government, and economies of every country in the world.
Economic Commission for Latin America and the Caribbean
– The UN’s Economic Commission for Latin America and the Caribbean. Some very interesting real life examples.
Federal Reserve
– The website of the US Federal Reserve, the central bank of the United States
Goldman Sachs’ Global Economic Outlook
– Global economic research put out by one of the leading investment banks, Goldman Sachs
International Monetary Fund
– The website of the International Monetary Fund – the “central banker’s central bank”
UN human Development Reports
– The website of the UN’s Development Program
World Bank
– The website of the world bank, the world’s pre-eminent (and often controversial) development bank
World Trade Organization – The World Trade Organization’s website, containing a wealth of economics research and information


Useful Links and Videos by Topic

Unit 1
Video – An introduction to opportunity cost. (From Paj Holden)
Video – An explanation of
the Production Possiblity Curve
(aka the Production Possibility Frontier). From (Bryn Jones)
Video – Watch a
quick clip
on oil scarcity
Flash – An interactive lesson on
types of economies
. (Watch out though, they’ve done the spectrum diagram backwards to the way we do it). (From
Video – A documentary on
the financial crisis (From PBS). This isn’t something we have time to really go into during class. But if you’re interested in it, it’s a good case study.

Unit 2

2.1 Markets (Supply, Demand and Price Controls)
A video on Supply and Demand, 
A supply and demand review lesson,
Flash – An interactive extension activity on
. (From
Flash – An interactive extension activity on
. (From
Video – Case study of
the demand for oil increasing in China
. Fairly in depth, but good if you have a few minutes. (From CBC News)

2.2 Elasticities
Video – Watch these two videos on PED
this one and this one.
Video – Here’s another
video on PES
Flash – A self-directed
lesson on Elasticity
Video -
Elasticity and total revenue
. (From Bryn Jones)
Video – An explanation of
cross price elasticity of demand
(aka cross elasticity of demand, or XED). (From Phil Holden)
Text – Some good
examples of elasticities
(scroll down a bit) and an overview of elasticity in general.

2.3 Theory of the Firm
Video – An explanation of
cost curves. (Phil Holden)
Flash – a quick
overview of market types
. (Turn down your speakers. This is loud for some reason).
Video – An explanation of
monopolistic competition
Video -
Consumer and producer surplus
. (from Bryn Jones)
Video -
Economics and Diseconomies of Scale
. A video that is a bit on the dull and slow side, but it’s a good review (or preview of the LRAC curve).

2.4 Market Failure
Video -
A short clip on externalities
, from the documentary, “The Corporation”.
Video -
Positive and negative externalities
. (from Bryn Jones)
Video – Another take on diagramming
negative externalities.


Unit 3

Introduction to Unit 3
Test – A very quick overview of
the macroeconomic objectives and (some of) the major interventions available to governments. (From Economics Help).
Blog – A quick introduction into
the differences between Macro and Micro
. (From Jason Welker)
An hour long documentary about
the Crash of 1929 and the similarities to the recession of 2008(From PBS).
3.1 Measuring National Income
Video – Stiglitz explaining
the limits of GDP as a measure for economic achievement. It’s interesting to think about how we measure economic success (i.e very often simply as GDP growth) considerably influences us.
Video – A
video on the circular flow of income
(from Paj Holden, on YouTube) We’ll cover this in class, but if you’re keen to get ahead, or would like to review, this is a good one.
Application – Have some fun with
this tool from Gapminder
. See what you can learn about all the different indicators and how country’s have developed over time

3.2 Introduction to Development
Video – A quick lesson on
the diffrences between GDP and GNP. (From Paj Holden)

3.3 Macroeconomic Models
Video- Here is
a video we use in class, on the 5 essential diagrams for AS and AD. It’s very good.

3.4 Demand-Side and Supply-Side Policies
Flash Game – A monetary policy game where you use
interest rates as a tool for controlling inflation. Pretty cool. –Look, I’m an Economics teacher, this is what excites me!
Video – A review of
fiscal policy and the multiplier effect (from Paj Holden, on YouTube), incase you’d like to review this.
Flash – An interactive
lesson on monetary policy
. (From
Video – The
Philips Curve and NAIRU explained
Video – A news program discussing how
Australia is the first G20 country to raise interest rates following the recession
. Just watch the few 5 minutes. (From PBS)
Video – A discussion of
the current American fiscal deficit. Again, rather lengthy. You may simply want to watch the first 5 minutes to get a sense of the situation. (From Charlie Rose).

Video – Intro to
Fiscal Policy. (From Bryn Jones)
Video – A couple of clips on Monetary policy
here is Part 1 and here is Part 2
. (From Bryn Jones).
3.5 Unemployment and Inflation
Flash – An interactive lesson on
types of unemployment
. (From
Flash -
An interactive graph
, showing the differences in how different groups have been effected by the recession. (From the New York Times)
Video -
Three reasons deflation is so
bad for economies. (from Paj Holden)
Flash/Audio – A very good
history of US government responses to recessions since the 1960s. Listen to the audio clips for each section, to hear how the government tried to balance inflation, fiscal responsibility and unemployment. (From the New York Times).


Unit 4

4.1 Reasons for Trade
Read this:
Is Globalization a Force for Evil in the World and answer the questions at the bottom.
Video – A review of the
differences between comparative and absolute advantage
Video -
Milton Friedman on the wonders of the pencil
(really it’s an explanation of the free market and the ideology that free trade promotes peace).

4.2 Free Trade and Protectionism
For the domestic supply curve, note that we do not start it from the point of origin as this is inconsistent with economic theory. Everything else works however.
4.4 World Trade Organization (WTO)
Video – From a few years ago,
a WTO Ruling on Softwood Lumber exports from Canada to the US – Protectionism (From CBC).
Video – Some more history.
Canadians protesting APEC in 1997
. A good reminder of where our current protest movement comes from. (From CBC)
Video -
Some insight into the anti-WTO movement
. A bit lefty, but still pretty insightful. They make some good points. (From WTO Turn
Video – WTO and
the challenges of trade justice
. (from Trade Aid)

4.5 Balance of Payments
On Balance of Payments, please read
Flash- An interactive lesson on
Balance of Payments
. (From
Video -
Current account deficits and exchange rates
(the Marshall-Lerner condition). (From Phil Holden)

4.6 Exchange Rates
Flash – A basic
introduction lesson on exchange rates. (From
Site – See how the
Big Mac Index looks after you factor in today’s exchange rates.

4.7 Balance of Payment Problems

4.8 Terms of Trade

Unit 5

5.1 Sources of Economic Growth and Development
Web page – A good explanation of
the differences between LDCs and MDCs

5.2 Consequences of Growth

5.3 Barriers to Economic Growth and Development

5.4 Growth and Development Strategies

5.5 Evaluation of Growth and Development Strategies
Jason Welker has compiled
a great list of Ted Talks that help students to understand and evaluate aspects of development.

If you know if any great resources please email me via the “contact”:
We want to acknowledge that this document was modified from an original document created by T Woods, taken from the world wide web.


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