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Theory Of Knowledge
Extended Essay
Creativity Activity Service
1
Competitive markets: Demand and supply
Markets
Demand
Supply
Markt equilibrium
The role of the price mechanism
Market efficiency
2
Elasticity
Price elasticity of demand (PED)
Cross price elasticity of demand (XED)
Income elasticity of demand (YED)
Price elasticity of supply (PES)
3
Government intervention
Indirect taxes
Subsidies
Price controls
4
Market failure
The meaning of market failure
Types of market failure
11
Supply-side policies
The role of supply-side policies
Interventionist supply-side policies
Market-based supply-side policies
Evaluation of supply-side policies
The role of supply-side policies
Supply-side policies and the economy
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