what is the basic economic problem?, name the factors of production, who wrote The Wealth of Nations?, What sends signals to consumers and producers in a free market?, What is the law of demand?, Name all 9 economic concepts we cover in IB economics, Name 4 non-price determinants of demand, What is the law of supply?, Talk for 30 seconds about Karl Marx, What happens to price when there is excess supply?, What type of growth is shown by a shift in the PPC?, What type of growth is shown by a movement towards the PPC?, What is the difference between positive economics and normative economics?, What is the reward to labour and to capital?, What is the best soccer team in the English premier League?, Give 2 characteristics of a planned economy, Who is credited with promoting the demand side of the economy?, What is Says law?, Name 4 non-price determinants of supply, What does equilibrium mean in economics?.

IB economics: introduction and the price mechanism

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