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  /Title (ib-economics-sl.pdf)
  /Creator (Cheatography)
  /Author (populationzero)
  /Subject (IB Economics SL Cheat Sheet)
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\noindent
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        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{IB Economics SL Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{populationzero} via \textcolor{DarkBackground}{\uline{cheatography.com/61940/cs/16891/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}populationzero \\
  \uline{cheatography.com/populationzero} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 10th September, 2018.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{document}
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Aggregate Demand}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Aggregate Supply}}: The total quantity of goods and services produced in an economy over a particular time period at different price levels. \newline % Row Count 3 (+ 3)
AD = C + I + G + (X - M) \newline % Row Count 4 (+ 1)
{\bf{Why AD slopes downwards}} \newline % Row Count 5 (+ 1)
1. Wealth effect \newline % Row Count 6 (+ 1)
2. Interest rate effect \newline % Row Count 7 (+ 1)
3. International trade effect \newline % Row Count 8 (+ 1)
{\bf{Short run}}: The period of time when prices of resources are roughly constant or inflexible \newline % Row Count 10 (+ 2)
{\bf{Long run}}: The period of time when prices of all resources, including labour (wages) are flexible and change along with changes in the price level.% Row Count 13 (+ 3)
} \tn 
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Aggregate Supply}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Aggregate supply}}: The total quantity of goods and services produced in an economy (real GDP) over a particular time period at different price levels. \newline % Row Count 4 (+ 4)
The {\bf{short run aggregate supply curve}} shows the relationship between the price level and the quantity of real output when resource prices (particularly wages) do not change. \newline % Row Count 8 (+ 4)
{\bf{Why the SRAS curve is upward sloping}}: When price level increases without a change in resource prices, output prices and therefore profits increase - hence firms increase the quantity of output supplied. \newline % Row Count 13 (+ 5)
{\bf{Shifts in the SRAS curve}}: \newline % Row Count 14 (+ 1)
- Changes in wages  \newline % Row Count 15 (+ 1)
- Changes in non-labour resource prices \newline % Row Count 16 (+ 1)
- Changes in business taxes \newline % Row Count 17 (+ 1)
- Changes in subsidies offered \newline % Row Count 18 (+ 1)
- Supply shocks \newline % Row Count 19 (+ 1)
{\bf{Shifts in the LRAS curve}}: \newline % Row Count 20 (+ 1)
- Quantity of factors of production \newline % Row Count 21 (+ 1)
- Quality of factors of production  \newline % Row Count 22 (+ 1)
- Technology \newline % Row Count 23 (+ 1)
- Efficiency  \newline % Row Count 24 (+ 1)
- Institutional changes - degree of private ownership, degree of competition \newline % Row Count 26 (+ 2)
- Reductions in the natural rate of unemployment% Row Count 27 (+ 1)
} \tn 
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Monetarist / New classical model}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Why the LRAS curve is vertical}}: Wages and other resource prices are now changing to match changes in output prices, hence the cost of production remains constant even as the price level changes. Therefore with constant real costs, profits are also constant, so there is no incentive to produce more or less. \newline % Row Count 7 (+ 7)
{\bf{Auto-correction}}: When AD shifts to the right, PL increases so cost of production increases and hence SRAS shifts to the left, restoring macroeconomic equilibrium. {\emph{The assumption is that wages and other resource costs are price flexible which allows the economy to automatically come back to long-run equilibrium level of output}}.  \newline % Row Count 14 (+ 7)
In the long run, changes in aggregate demand affect only the price level, real GDP remains unchanged.% Row Count 17 (+ 3)
} \tn 
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Keynesian model}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{Based on the work of John Maynard Keynes. \newline % Row Count 1 (+ 1)
{\bf{Wages are sticky downwards}}: There is an asymmetry between wage changes in the upwards and downwards directions. Wages rise easily, but due to worker and union resistance, minimum wage legislation and labour contracts, wages do not fall easily. Furthermore, resource prices also do not fall easily, due to factors such as fear of price wars and firms' fear of reducing profits by lowering prices. \newline % Row Count 9 (+ 8)
Inflexible wage and resource prices mean that the economy cannot move into the long run. This is represented by the horizontal section of the Keynesian AS curve. \newline % Row Count 13 (+ 4)
{\bf{Sections of the Keynesian AS curve}}: \newline % Row Count 14 (+ 1)
1. Horizontal - low real GDP, price level remains constant, high spare capacity and unemployment. \newline % Row Count 16 (+ 2)
2. Curved - price level increases with real GDP, spare capacity decreases so wages and resource prices rise. \newline % Row Count 19 (+ 3)
3. Vertical - real GDP cannot increase any further, vast changes in price level, no spare capacity, all resources are used up.% Row Count 22 (+ 3)
} \tn 
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\SetRowColor{LightBackground}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Spare capacity}}: Physical capital that firms have available but do not use.}  \tn 
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\begin{tabularx}{17.67cm}{X}
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\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Unemployment}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Unemployment}} refers to people of working age who are actively looking for a job but who are not employed. \newline % Row Count 3 (+ 3)
{\bf{Underemployment}} refers to people of working age with part time jobs who want full time jobs, or with jobs that do not fully utilize their skills or education. \newline % Row Count 7 (+ 4)
{\bf{Difficulties in measuring unemployment}}: \newline % Row Count 8 (+ 1)
- {\bf{hidden unemployment}} - underemployment, discouraged workers, early retirement, part time jobs \newline % Row Count 10 (+ 2)
- underground economy/informal economy \newline % Row Count 11 (+ 1)
{\bf{Consequences of unemployment}}: \newline % Row Count 12 (+ 1)
- Loss of real output \newline % Row Count 13 (+ 1)
- Loss of income (for unemployed workers) \newline % Row Count 14 (+ 1)
- Loss of tax revenue for the government \newline % Row Count 15 (+ 1)
- Cost to the goverment (unemployment benefits) \newline % Row Count 16 (+ 1)
- Cost of dealing with social problems \newline % Row Count 17 (+ 1)
- Unequal distribution of income \newline % Row Count 18 (+ 1)
{\bf{Types of unemployment}}: \newline % Row Count 19 (+ 1)
1. Structural - occurs as a result of changes in demand for particular types of labour skills, changes in the geographical location of industries, and therefore jobs, and labour market rigidities. \newline % Row Count 23 (+ 4)
2. Frictional - when workers are between job. Short term, does not involve a lack of demanded skills. \newline % Row Count 26 (+ 3)
3. Seasonal - when the demand for labour changes on a seasonal basis due variations in needs. \newline % Row Count 28 (+ 2)
4. Cyclical (demand-deficient) - Occurs during the downturn of the business cycle, when there is low or declining AD. As real GDP falls, firms lay off workers.% Row Count 32 (+ 4)
} \tn 
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\SetRowColor{LightBackground}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Labour market rigidities}} are factors preventing the forces of supply and demand from operating in the labour market. They include: \newline - Minimum wage legislation \newline - Labour union activities and wage bargaining with employers \newline - employment protection laws \newline - generous unemployment benefits}  \tn 
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\begin{tabularx}{17.67cm}{X}
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\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Inflation}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Inflation}} is a sustained increase in the general price level. \newline % Row Count 2 (+ 2)
The {\bf{consumer price index (CPI)}} is a measure of the cost of living for the typical household, and compares the value of a basket of goods and services in one year with the value of the same basket in a base year. \newline % Row Count 7 (+ 5)
{\bf{Problems with the CPI}}: \newline % Row Count 8 (+ 1)
- Different rates of inflation for different income earners \newline % Row Count 10 (+ 2)
- Different rates of inflation depending on regional or cultural factors \newline % Row Count 12 (+ 2)
- Changes in consumption patterns due to consumer substitutions when relative prices change. \newline % Row Count 14 (+ 2)
- Changes in consumption patterns due to increasing use of discount stores and sales \newline % Row Count 16 (+ 2)
- Changes in consumption patterns due to the introduction of new products \newline % Row Count 18 (+ 2)
- Changes in product quality \newline % Row Count 19 (+ 1)
- International comparisons \newline % Row Count 20 (+ 1)
- Comparability over time \newline % Row Count 21 (+ 1)
{\bf{Consequences of inflation}}: \newline % Row Count 22 (+ 1)
1. Redistribution effects \newline % Row Count 23 (+ 1)
Groups who lose from inflation: \newline % Row Count 24 (+ 1)
- People with fixed income or wages \newline % Row Count 25 (+ 1)
- People whose wages increase slower than the rate of inflation \newline % Row Count 27 (+ 2)
- Holders of cash \newline % Row Count 28 (+ 1)
- Savers \newline % Row Count 29 (+ 1)
- Lenders (creditors) \newline % Row Count 30 (+ 1)
} \tn 
\end{tabularx}
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Inflation (cont)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{Groups who gain from inflation: \newline % Row Count 1 (+ 1)
- Borrowers \newline % Row Count 2 (+ 1)
- Payers of fixed incomes or wages \newline % Row Count 3 (+ 1)
- Payers of income or wages that increase slower than the rate of inflation  \newline % Row Count 5 (+ 2)
2. Uncertainty \newline % Row Count 6 (+ 1)
3. Menu costs \newline % Row Count 7 (+ 1)
4. Money illusion \newline % Row Count 8 (+ 1)
5. International competitiveness  \newline % Row Count 9 (+ 1)
{\bf{Hyperinflation}} consists of very high rates of inflation. It is defined as occurring when the price level increases by more than 50\% per month. \newline % Row Count 12 (+ 3)
Most governments prefer a {\emph{low and stable rate of inflation}} as opposed to a zero rate of inflation, this is because a zero rate of inflation is dangerously close to deflation, which is far more damaging to an economy. \newline % Row Count 17 (+ 5)
{\bf{Types/causes of inflation}}: \newline % Row Count 18 (+ 1)
1. Demand-pull inflation - involves an excess of AD over AS at the full employment level of output. Shown by a rightwards shift of AD. \newline % Row Count 21 (+ 3)
2. Cost-push inflation - caused by a fall in AS, resulting from an increase in wages or prices of other inputs. Shown by a leftward shift of AS.% Row Count 24 (+ 3)
} \tn 
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\end{tabularx}
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Deflation}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Why deflation occurs rarely in the real world}}: \newline % Row Count 2 (+ 2)
- Wages of workers do not ordinarily fall, so firms cannot easily lower costs. This is because of labour contracts, minimum wage legislation, worker and union resistance, etc. \newline % Row Count 6 (+ 4)
- Large oligopolistic firms may fear price wars which leave all parties worse off  \newline % Row Count 8 (+ 2)
- Firms want to avoid incurring menu costs resulting from price changes, so they are reluctant to lower prices \newline % Row Count 11 (+ 3)
{\bf{Consequences of deflation}} \newline % Row Count 12 (+ 1)
1. Redistribution effects - opposite to those in inflation \newline % Row Count 14 (+ 2)
2. Uncertainty \newline % Row Count 15 (+ 1)
3. Menu costs \newline % Row Count 16 (+ 1)
4. Risk of a deflationary spiral with high and increasing cyclical unemployment - Deflation discourages spending by consumers ( they expect that prices will fall in the future ) and discourages borrowing by consumers and firms ( the real value of debt increases as the price level falls ). Hence AD falls, widening the recessionary gap, and the economy enters a devastating spiral. \newline % Row Count 24 (+ 8)
5. Risk of bankruptcies and a financial crisis - As the real value of debt increases while incomes are falling, there is a high likelihood of widespread bankruptcies and a large risk of a financial crisis \newline % Row Count 29 (+ 5)
{\bf{Causes of deflation}}: \newline % Row Count 30 (+ 1)
} \tn 
\end{tabularx}
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Deflation (cont)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{1. 'Good' deflation - increases in AS (associated with economic expansion, rising incomes and output) \newline % Row Count 3 (+ 3)
2. 'Bad' deflation - decreases in AD \newline % Row Count 4 (+ 1)
Both types of deflation are still bad for an economy. \newline % Row Count 6 (+ 2)
{\bf{Examples of deflation}}: Great Depression in the 1930s (bad deflation), Japan from 1996 to 2006, United states and Europe in 2003 (both good and bad)% Row Count 10 (+ 4)
} \tn 
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\end{tabularx}
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Fiscal Policy}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Fiscal policy}} refers to manipulations by the government of its own expenditures and taxes to influence the level of AD. \newline % Row Count 3 (+ 3)
{\bf{How fiscal policy affects the components of AD}}: \newline % Row Count 5 (+ 2)
- {\emph{G}} can be directly affected by changing the level of government expenditure \newline % Row Count 7 (+ 2)
- {\emph{C}} can be influenced by changes in taxes on consumers (personal income taxes), changing their disposable income. \newline % Row Count 10 (+ 3)
- {\emph{I}} can be influenced by changes in business taxes \newline % Row Count 12 (+ 2)
{\bf{Expansionary fiscal policy}}: \newline % Row Count 13 (+ 1)
Used to close a recessionary gap caused by low AD. \newline % Row Count 15 (+ 2)
Tools: \newline % Row Count 16 (+ 1)
- increasing government spending \newline % Row Count 17 (+ 1)
- decreasing personal income taxes \newline % Row Count 18 (+ 1)
- decreasing business taxes \newline % Row Count 19 (+ 1)
- a combination of the three (this will have to funded by borrowing as it will lead to a budget deficit) \newline % Row Count 22 (+ 3)
{\bf{Contractionary fiscal policy}}: \newline % Row Count 23 (+ 1)
Used to close an inflationary gap caused by an excess of AD over AS. \newline % Row Count 25 (+ 2)
Tools: \newline % Row Count 26 (+ 1)
- decreasing government spending \newline % Row Count 27 (+ 1)
- increasing personal income taxes \newline % Row Count 28 (+ 1)
- increasing business taxes \newline % Row Count 29 (+ 1)
- a combination of the three (this will lead to a budget surplus) \newline % Row Count 31 (+ 2)
} \tn 
\end{tabularx}
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\begin{tabularx}{17.67cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Fiscal Policy (cont)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{{\bf{Keynesian model \& the ratchet effect}}: \newline % Row Count 1 (+ 1)
PL can increase easily with strong AD but cannot fall easily even with a drop in AD. PL moves up when there is an increase in AD, then {\emph{remains at the same level until there is a further increase in AD}}. \newline % Row Count 6 (+ 5)
{\bf{Long term impact of fiscal policy on potential output}}: \newline % Row Count 8 (+ 2)
1. Direct: \newline % Row Count 9 (+ 1)
- Allocation of government spending to physical capital goods such as infrastructure and R\&D which improves technology and therefore improves the quality of capital goods and productivity of labor. \newline % Row Count 13 (+ 4)
- Incentives to encourage investment by firms (lower business taxes) thereby contributing to new capital formation.% Row Count 16 (+ 3)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{17.67cm}}{The effect of fiscal policy on RGDP and PL depends on the model being considered. For example the increase in RGDP from expansionary fiscal policy will be smaller in the monetarist model due to the upward sloping SRAS curve}  \tn 
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\end{tabularx}
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\begin{tabularx}{17.67cm}{X}
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\mymulticolumn{1}{x{17.67cm}}{\bf\textcolor{white}{Automatic Stabilisers}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{17.67cm}}{Factors that work automatically, without any action by the government (non-discretionary policy). \newline % Row Count 2 (+ 2)
{\bf{Progressive income taxes}}: \newline % Row Count 3 (+ 1)
- Average tax rate increases as income/RGDP increases \newline % Row Count 5 (+ 2)
- Hence in a recession, progressive taxes increase disposable income, lessening the impact of the recession \newline % Row Count 8 (+ 3)
{\bf{Unemployment benefits}}: \newline % Row Count 9 (+ 1)
- In a recession, provides income to unemployed workers and hence prevents a sharp decrease in AD which would increase the recessionary gap, hence it lessens the impact of a recession% Row Count 13 (+ 4)
} \tn 
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\end{tabularx}
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\end{document}