Issachui AcademyMATHEMATICS & ECONOMICS
IAL ECONOMICS STUDY GUIDE Unit 1 · Markets in Action

17 CHAPTERS · UNIT 1

Markets in Action

Study notes for understanding the course and revising its essential ideas. Each topic begins with core knowledge, develops the explanation and ends with evaluation guidance and a compact recap.

First learning: start with Must know and definitions. Follow each explanation from cause to consequence, then use the diagram and Develop the judgement to test the conditions behind the result.

Revision: use Rapid recap to reconstruct each argument. Return to Explain and apply if a link is unclear. Use the formula, diagram and comparison indexes for precise checks; learn the reasoning rather than a fixed paragraph.

Review the confirmed corrections →

CHAPTER 1

Nature of Economics

CHAPTER 2

Positive and Normative Economics

CHAPTER 3

Scarcity

CHAPTER 4

Production Possibility Frontiers

CHAPTER 5

Specialisation and the Role of Money

CHAPTER 6

Free Market, Mixed and Command Economies

CHAPTER 7

Rational Decision-Making

CHAPTER 8

The Demand Curve

CHAPTER 9

PED, YED & XED

CHAPTER 10

The Supply Curve

CHAPTER 11

Price Elasticity of Supply (PES)

CHAPTER 12

Determination of Market Equilibrium

CHAPTER 13

Consumer and Producer Surplus

CHAPTER 14

Functions of the Price Mechanism

CHAPTER 15

Market Failure

CHAPTER 16

Government Intervention in Markets

CHAPTER 17

Government Failure

Revision and reference