Looking at Elasticity in High Level Economics

From October 27 to November 1 with classes on Monday, Tuesday, Thursday and Friday, the IBDP Higher level economics class, taught by Mr Anagnost, focused on elasticity. There were 3 groups and each group presented on a specific type of elasticity which were Price Elasticity of Supply (PES), Cross Elasticity of Demand (XED), and Income Elasticity of Demand (YED).

There were discussions involved answering questions about the elasticities which were answered by the experts of the topic. We then evaluated these three topics individually to see how they affect the revenue of a business and we had to consider what other factors have a role in affecting the elasticity and revenue.

The week ended with Suhyun presenting her unis economic forum about the temporary workers in Korea. Her research question was “How is the increase of temporary workers affect the korean economy and what are some possible solutions for it?”

In this class we discussed many important key economic concepts such as HDI – Human Development Index, behavioral economics, demographics – population, employable population, birth rates etc. We also learned about important economists that helped the growth of economics.

This week was very informative and the students had a lot of fun and gained a lot of economic knowledge. 

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